July 5 Quick Takes: Moderna to invest in products for China market

Moderna Inc. (NASDAQ:MRNA) said it will research, develop and manufacture mRNA medicines exclusively for the China market. In a statement provided to BioCentury, the company said it has signed a memorandum of understanding and entered a land collaboration agreement to address unmet needs in China, with a goal of creating medicines that will not be exported from the country. Moderna declined to comment on a Yicai Global report that said the company would invest up to $1 billion in China.

China-based biotech Worg Pharmaceuticals (Hangzhou) Co. Ltd. raised more than RMB1.1 billion ($152 million) in a series C round to focus on allergy immunotherapy and autoimmune therapy. Investors included DT Capital Partners, Bairun Investment, YSIM Fund, Jiansu Capital, Kequan Fund, Bayland Capital, an undisclosed European financial institution and existing shareholders. Led by CEO Andrew Xu, formerly of Porton Pharma Solutions Ltd. (SZSE:300363), Worg announced a RMB400 million series B round in September 2022...