By Sam Boughedda
Investing.com -- Biotechnology giant Moderna Inc (NASDAQ:MRNA) and Thermo Fisher Scientific Inc (NYSE:TMO), the American supplier of scientific goods and services, announced a 15-year strategic collaboration on Wednesday.
The deal will enable large-scale manufacturing in the U.S. of Spikevax, Moderna’s Covid-19 vaccine, and other investigational mRNA medicines in Moderna's pipeline.
For several years, the companies have been working together with Thermo Fisher supporting Moderna's development pipeline with clinical research and contract manufacturing services.
However, the new, expanded deal will see Thermo Fisher provide dedicated capacity for various services. In addition, they will provide inspection, labeling and final packaging services.
“In expanding our strategic partnership, Moderna will further leverage our scale and depth of capabilities to continue to transform its mRNA platform and bring new breakthrough medicines to patients around the world," commented Michel Lagarde, executive vice president and COO of Thermo Fisher.
Moderna shares are down over 6% Wednesday, while after an initial rise, Thermo Fisher is now flat on the day.