Moderna secured its spot on the South Korean market

May 24, 2021
Moderna secured its spot on the South Korean market

The week started with a deal in the pharma sector regarding the manufacturing of Moderna’s COVID-19 vaccine

Moderna and Novavax agreed with the South Korean government to manufacture the vaccine, as the country has lately been under pressure to secure more and faster deliveries. South Korea confirmed access to 40 million doses, according to authorities.

The agreement came after the US and the South Korean presidents – Joe Biden and Moon Hae-in – agreed on a partnership through which the first will provide vaccinations for 550,000 South Korean soldiers. The partnership will combine the US expertise and Korean manufacturing capacity.

Moderna and Novavax are not the first pharma companies to close this deal with the South Korean government. Among the COVID-19 vaccine produced there are AstraZeneca’s and Russia’s Sputnik V.

So far, the country has vaccinated less than 10% of its 52 million people. By September, it aims to inoculate at least 70%. Overall, it ordered approx. 192 million vaccine doses from AstraZeneca, Pfizer, Novavax, Moderna, Johnson & Johnson.

Following the news, Moderna stock price went up 1.6%.

Sources: cnbc.com, reuters.com

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