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COVID-19 vaccine maker Moderna (NASDAQ:MRNA) announced Thursday that its plans to build a messenger RNA vaccine plant in Kenya are on hold as it weighs future demand for mRNA vaccines in Africa.
Moderna (MRNA) signed an agreement with the government of Kenya in 2023 to set up an mRNA manufacturing facility capable of producing up to 500M vaccine doses each year.
The Cambridge, Massachusetts-based biotech noted that declining demand for COVID-19 vaccines in the region has made a vaccine plant in Kenya unviable, and it has yet to receive any vaccine orders in Africa since 2022.
The company has recorded over $1.1B in losses and write-downs due to the cancellation of previous orders.
Moderna’s (MRNA) investigational vaccines for Africa-dominant infectious diseases such as HIV and malaria are at earlier stages of development.
“Given this and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya,” the company said.
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