Moderna to Announce $1 Billion in China Investments, Yicai Says

Moderna Inc. is set to announce its first investment in China as early as Wednesday, according to a report by local media outlet Yicai citing unidentified sources.

(Bloomberg) — Moderna Inc. is set to announce its first investment in China as early as Wednesday, according to a report by local media outlet Yicai citing unidentified sources.

The Cambridge, Massachusetts-based company may reveal multiple projects in China with a total investment size of around $1 billion, the report showed, without providing further details. The drugmaker is also actively seeking communication with Chinese regulators, according to Yicai.

Chief Executive Officer Stéphane Bancel has arrived in Shanghai and will attend the investment signing ceremony, according to the report. Bancel said during a visit in April that the company will speed up investment in Shanghai and is looking to work with Chinese partners to develop new technologies and products, Yicai reported.

Moderna started a biotechnology company in China this May with registered capital of $100 million, and said it is exploring market opportunities to bring the mRNA platform to China, according to Yicai.

A representative for Moderna didn’t immediately respond to Bloomberg News requests for comment.

–With assistance from Naomi Kresge.

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