Leading pharmaceutical company Moderna has revealed that it has reached a deal with the Canadian government to build a manufacturing plant to make Covid-10 vaccines.
Moderna Finalizes Covid Manufacturing Plant Deal With Canada
Moderna announced earlier today that it had reached a deal with the Canadian government to build a “state-of-the-art” manufacturing plant. The plant would be used to manufacture Covid-19 vaccines after the country suffered shortages earlier this year.
According to Moderna, the plant would also be used to manufacture shots for other potential respiratory viruses. The plant will make it easy for Canadians to gain access to domestically manufactured Covid vaccines. In addition to that, they would gain access to other vaccines, including that of seasonal influenza, respiratory syncytial virus and more.
Patricia Gauthier, Moderna’s lead for Canadian operations, stated, “We are excited to expand our presence and continue our long-term collaboration with Canada. With our industry-leading mRNA technology platform and rapid drug development capabilities, we look forward to being an active participant in Canada’s robust life sciences ecosystem.”
Moderna intends to help Canada with direct access to vaccines in times of health emergencies. The pharmaceutical giant said it doesn’t intend to stop with Canada as it is currently discussing similar collaborations with other governments.
MRNA Up By Over 300% Year-To-Date
Moderna is one of the best-performing stocks so far this year. Thanks to the company’s role in developing the Coronavirus vaccine, the shares of Moderna are up by more than 300% year-to-date.
MRNA began 2021 trading at $111. However, Moderna’s stock has rallied over the past few months, and it is currently trading at $467. MRNA is down by 3.75% since the US market opened a few hours ago, despite the news of its deal with the Canadian government. The market could still react to the Canadian news, and this could push the stock price past the $475 mark in the coming hours or days.