NASDAQ-listed Moderna Inc has announced its plans to establish a new subsidiary in Singapore, along with three other subsidiaries in Malaysia, Taiwan and Hong Kong on Feb 16.
The subsidiaries will build on Moderna’s existing presence in the region with offices in Japan, South Korea and Australia.
The new Singapore subsidiary will support the delivery of mRNA vaccines and therapeutics in the country.
Further to its announcement, Moderna is actively recruiting a team to build a strong presence in the market as its mRNA therapeutics pipeline grows to benefit Singapore and the region.
“The company’s plan to establish a local subsidiary reflects the strategic role of Singapore as a leading biomedical sciences hub. Singapore offers a high number of skilled workers, government support for the sector, and a business-friendly regulatory environment,” says Moderna in a statement on Feb 16.
The company’s broader pipeline currently includes 40 development programmes, of which 25 are in clinical trials.
It adds that it is continuing to update its Covid-19 strategy to address variants such as Omicron. It is also developing mRNA medicines to potentially prevent and treat diseases with significant unmet needs across infectious diseases, immuno-oncology, rare and ultra-rare diseases, and autoimmune diseases.
“I am pleased to announce that Moderna will be expanding into Singapore, the biotech epicentre of Asia,” says Stéphane Bancel, CEO of Moderna.
“Like Moderna, the Singapore biopharma industry is witnessing an incredible period of growth. We are excited for Moderna to become part of that journey and to continue to leverage our mRNA platform to help solve health challenges across the Asia-Pacific region,” he adds.
Shares in Moderna closed US$8.65 higher or 6.07% up at US$151.12.