Spain's Laboratorios Farmaceuticos Rovi SA has agreed on a 10-year extension to its deal with Moderna Inc (NASDAQ:MRNA) to manufacture future drugs developed with the mRNA technology used for its COVID-19 shot.
- The new agreement includes a series of investments expected to increase manufacturing capacity across ROVI's facilities in Madrid, Spain.
- The companies did not disclose the investment amount.
- Also See: Pfizer, Moderna COVID-19 Boosters Effectiveness Wanes After Four Months: CDC Study.
- In addition to producing Moderna's COVID-19 vaccine, ROVI's platform could also be utilized to service future Moderna mRNA vaccine candidates.
- Moderna and Rovi are expected to finalize the agreement details in Q1 of 2022.
- Moderna also announced its plans to expand its commercial network across Asia with four new subsidiaries in Malaysia, Taiwan, Singapore, and Hong Kong.
- This expansion comes as the Company scales up the manufacturing and distribution of its COVID-19 vaccine and future mRNA vaccines and therapeutics.
- Price Action: MRNA shares are down 2.15% at $147.87 during the premarket session on the last check Wednesday.
