- Moderna Inc MRNA refused to hand over to China the core intellectual property related to the development of its famed COVID-19 vaccine.
- Earlier this month, Moderna's CEO Stephane Bancel said the company has talked with the Chinese government about supplying COVID-19 vaccines.
- Moderna refused to transfer the technology for its COVID-19 vaccine because of commercial and safety concerns, Financial Times reported citing two people involved in negotiations between 2020 and 2021.
- The company is still "eager" to sell the product to China.
- According to the report, the Moderna team in Greater China said the company had "given up" on its previous efforts to enter the Chinese market because of the technology demand as a prerequisite for vaccine sales in the country.
- China has not approved any foreign COVID-19 vaccines and relies on several domestically developed shots.
- Moderna told the Financial Times: "We are not currently engaged in supply talks with China. We are open to speaking with countries on their supply needs for Covid-19 vaccines."
- Slowing demand has afflicted all the major coronavirus vaccine makers. For Moderna, the pressure is acute as the COVID-19 shot is the only approved product for the company.
- Price Action: MRNA shares are down 0.25% at $117.96 during the premarket session on the last check Monday.
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