Moderna Soars After $483 Million Covid-19 Agreement With U.S.
- Vaccine is one of the first for coronavirus to begin trials
- Government funding will support scaling up operations
The Moderna Therapeutics lab in Cambridge, Mass.
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
Moderna Inc. shares rose as much as 21% after the company said the U.S. government has agreed to pay as much as $483 million for the company to develop and test its Covid-19 vaccine now in an initial clinical trial.
Under the agreement, the Biomedical Advanced Research and Development Authority, part of the U.S. Department of Health and Human Services, would fund development of the vaccine mRNA-1273 up through approval by the U.S. regulators, as well as efforts to scale up manufacturing, Moderna said in a press release.