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Declining COVID-19 Vaccine Sales Pinches Moderna, Pauses Kenya Vaccine Plant Plans - Moderna (NASDAQ:MRNA)
Famed COVID-19 vaccine maker Moderna Inc (NASDAQ:MRNA) has decided to pause its plans to construct a vaccine manufacturing plant in Kenya, signaling a shift away from investing in pandemic preparedness in Africa as demand for COVID-19 vaccines wanes. “Moderna has not received any vaccine orders for Africa since 2022 and has faced the cancellation of previous orders, resulting in more than $1 billion in losses and write-downs,” it said. Also Rea…
Moderna paused its plans for a facility in Kenya because COVID-19 vaccine demand has plummeted
Moderna said Thursday that it is pausing its plans to build an mRNA vaccine manufacturing facility in Kenya as demand for mRNA vaccines lags in Africa. The Massachusetts-based vaccine maker says the continent’s uptake of COVID-19 vaccines is no longer sufficient enough to support the project.Read more...
Moderna puts Kenya plant plans on hold
According to a statement unveiled Thursday (Apr. 11), Moderna has not received any vaccine orders for the continent since 2022 and has faced the cancellation of previous orders, resulting in more than $1 billion in losses and write-downs.
The American pharmaceutical company Moderna is currently drawing a line on its plan to build a factory for coronavirus vaccines, among other things, in Kenya. According to the company, it is first necessary to better determine whether there is sufficient demand for vaccines in Africa.
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