Moderna Inc MRNA shares were advancing Wednesday after the announcement of a vaccine supply deal with the European Commission.
What Happened: The Cambridge, Massachusetts-based biopharma said the European Commission has approved an agreement for the company to supply 80 million doses of mRNA-1273, its investigational vaccine against SARS-CoV-2.
The agreement has an option to increase the doses purchased to a total of up to 160 million.
Exploratory talks regarding a potential deal started in late August.
The agreement will be finalized following a brief review period by the European Union member states, Moderna said.
What's Next: Moderna said vaccine delivery could begin as early as the first quarter of 2021 contingent upon approval by the European Medicines Agency's human medicines committee.
The committee started a rolling review of mRNA-1273 Nov. 17. Shipments to the European Union are likely to begin in December, the company said.
In the U.S., Moderna is expected to file an application for emergency use authorization as soon as the mandated safety data accrues. Last week, Moderna reported positive interim efficacy data from the late-stage trial of mRNA-1273.
MRNA Price Action: Moderna shares were up 8.93% at $107.36 at last check Wednesday.
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