Coronavirus vaccine developer Moderna Inc (NASDAQ:MRNA) announced Wednesday that it is pursuing expansion of commercial operations outside North America for the first time.
What Happened: Cambridge, Massachusetts-based Moderna said it is establishing a regional hub and commercial organization in Switzerland. The company also announced the appointment of Dan Staner as vice president and general manager for Switzerland operations effective Wednesday.
"Since Moderna's founding, Switzerland has played an important role in Moderna's development thanks to the long-term support of our Swiss investors and their business advice. Opening our first subsidiary outside North America in Switzerland is a natural step for Moderna," CEO. Stéphane Bancel said in a statement.
Staner, a pharma industry veteran and a former Eli Lilly And Co (NYSE:LLY) executive, will be responsible for building a team to cover a host of functions — such as medical, regulatory, pricing, reimbursement, market access, government affairs and commercial operations — for the Swiss market, according to Moderna.
Why It's Important: Moderna has an ongoing collaboration with Switzerland's Lonza, a CDMO, to facilitate global manufacturing of mRNA-1273, Moderna's vaccine candidate against the novel coronavirus.
In early August, Moderna announced an agreement to supply 4.5 million doses of its coronavirus vaccine to the Swiss government.
MRNA Price Action: At last check, Moderna shares were trading 2.97% higher at $68.87.