The plethora of mutations in the omicron variant are likely to help it evade the protection provided by existing vaccines, making it necessary to develop new immunizations, Moderna Inc. CEO Stephane Bancel told the Financial Times, triggering a pullback in risk assets. 

Bancel effectively reiterated comments made by Moderna’s Chief Medical Officer Paul Burton at the weekend, that omicron may elude current vaccines, and if so, a reformulated shot would be available early in the new year.

The CEO seemed to damp expectations new vaccines could be ready soon, however, saying in the FT interview it may take months for pharmaceutical companies to develop and deploy updated immunizations that they can deliver in large numbers. 

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