Moderna creates a subsidiary in Spain to sell its COVID-19 vaccines

Moderna has just entered the biotech market in Spain. The American biotech company, one of the main companies in the development and research of the COVID-19 vaccine, enters the Spanish market with the creation of a subsidiary. Moderna is one of the companies that will surely supply vaccines to Europe. According to the information available through the Commercial Registry, Moderna’s Spanish subsidiary is called Moderna Biotech Spain. This company has just been legally incorporated, although it was previously known as Directorship Cibeles.

Since last week, Moderna’s Spanish subsidiary operates under the name Moderna Biotech Spain and has changed its corporate purpose to: “development, import, manufacture, marketing and distribution of drugs, vaccines and medicines based on messenger RNA”. The sole administrator of this company is Lori Henderson, general counsel of Moderna.  

Find out more details about the plans Moderna has regarding the manufacturing and marketing of its COVID-19 vaccine and read the latest finance news with the Born2Invest mobile app.

Moderna plans to build an mRNA technology platform and infrastructure to accelerate drug discovery 

Since its founding in 2010, Moderna has been working to build an mRNA technology platform and infrastructure to accelerate drug discovery. Its portfolio includes development candidates for vaccines and mRNA-based therapies that span several therapeutic areas and has several ongoing clinical trials with other development candidates moving towards the clinical side.  

The company is working on the development of its coronavirus vaccine from Norwood, Massachusetts (USA). This Cambridge-based laboratory has made headlines for its agreement with Lonza Group. Both companies agreed in early May to manufacture one billion doses per year. The company has been led by Stéphane Bancel, its CEO since July 2011. The executive has a Master’s degree in Engineering from Ecole Centrale Paris and an MBA from Harvard Business School. He was a country manager at Eli Lilly in Belgium and CEO of BioMerieux, a company specialized in in vitro diagnostics.

In addition to Moderna, Bancel is on the board of directors of Qiagen, a provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research, as well as Syros Pharmaceuticals.  

The company aims to supply one billion doses of its vaccine from 2021

Last August, the European Commission (EC) acknowledged discussions with Moderna for the contract to purchase eighty million doses of its coronavirus vaccine. 

However, the amount of the agreement was not disclosed at the time. According to the president of the EC, Ursula von der Leyen, Brussels will buy eighty million doses for the countries of the European Union from the American pharmaceutical company and will have the option of buying another eighty million.

The transaction will take place once it has been demonstrated that the vaccine is safe and effective in combating COVID-19. Moderna’s phase 3 study began on July 27th with 30,000 participants. The pharmaceutical company has increased its worldwide manufacturing with the goal of providing 500 million doses of the coronavirus per year with the possibility of reaching one billion from 2021. According to the results for the first quarter of 2020, U.S. biotechnology reached revenues of $8 billion (€7.4 billion). 

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