Photo AP / Hans Pennink
- President Donald Trump on Tuesday announced that the US government had reached an agreement with Moderna on 100 million doses of its coronavirus vaccine.
- Shares of Moderna soared 10% on Wednesday.
- The company privately announced a $ 1.53 billion deal and offered the government the option to purchase up to 400 million additional doses of its coronavirus vaccine.
- View Moderna deals live on Markets Insider.
- Read more on Business Insider.
Moderna̵7;s shares soared as much as 10% on Wednesday after President Donald Trump said on Tuesday that the US government had reached an agreement to buy 100 million doses of the company’s coronavirus vaccine.
Moderna privately announced on Tuesday that the deal was worth $ 1.53 billion, and it gives the government the option to purchase up to 400 million additional doses of its coronavirus vaccine, mRNA-1273. COVID-19 vaccine began terminal human testing in July.
The U.S. government had previously awarded Moderna $ 955 million to develop vaccines – the new round of buying brings its total investment to $ 2.48 billion, the company said in a press release.
Read more: Moderna’s CEO shared a detailed schedule of when we will know if its coronavirus vaccine is working and warn that you may not be able to get it until spring
“We are investing in the development and production of the top six vaccine candidates to ensure a quick delivery,” Trump said during Tuesday’s press conference at the White House. “The military is ready to get in. They are ready to give vaccines to the Americans as soon as the vaccine is fully approved by the FDA, and we are very close to that.”
The US government also has agreements with other pharmaceutical companies on potential COVID-19 vaccines, including Pfizer, Johnson and Johnson, Sanofi and GlaxoSmithKline.
These deals are part of the Trump administration’s Operation Warp Speed, aimed at accelerating the development, production and distribution of the COVID-19 vaccine.
Moderna is up 253% year-to-date through the end of Tuesday.
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