11:36 PM EDT, 10/02/2022 (MT Newswires) -- Moderna's (0QF.F) bid to distribute its mRNA-based COVID-19 jab in China ended after it declined to provide its vaccine technology to the government over commercial and safety concerns, London's Financial Times reported Sunday.
The US-based biotech has "given up" on initial efforts to sell its COVID-19 vaccine in China due to the requirement to transfer the technology before being allowed to distribute the product in the country. The company's management is reportedly wary of possible reputational damage if its local partner mishandles the manufacturing.
One of the sources noted that earlier negotiations occurred from 2020 to 2021, adding that Moderna remains "eager" to distribute its vaccine in China.
At the close of Sept. 30, Moderna shares gained over 5%.
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