Connect with us

Biotech

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

The company operates under the name of Moderna Biotech Spain and its corporate purpose is the “development, manufacture and distribution of drugs, vaccines and medicines based on messenger RNA.” The pharmaceutical company has increased its worldwide manufacturing with the goal of providing 500 million doses of the COVID-19 vaccine per year with the possibility of reaching one billion from 2021.

Published

on

This picture show the word COVID-19.

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.

SEE ALSO  Stock markets move higher; gold and silver enter corrective mode

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). 

__

(Featured image by Miguel Á. Padriñán via Pexels)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.