Moderna targets up to 500M vaccine doses a year with its first production plant in Africa
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Moderna (NASDAQ:MRNA) announced on Monday that the company signed a Memorandum of Understanding with Kenya to select the country to locate its first mRNA manufacturing facility in Africa.
The COVID-19 vaccine maker said it plans to produce up to 500 million doses of vaccines each year at the site, which is expected to cost up to $500M worth of investments for the company

Initially, the facility will focus on the production of drug substance for Africa. Later, it could be expanded to add fill/finish and packaging capabilities, the company said.
Moderna (MRNA) plans to allow the site to fill doses of its COVID-19 vaccine as early as 2023, depending on the demand.
ââ¦we believe that this step will become one of many on a journey to ensure sustainable access to transformative mRNA innovation on the African continent and positively impact public health," Chief Executive StÃ©phane Bancel said. 
Read: In February, the rival COVID-19 vaccine maker, BioNTech (NASDAQ:BNTX) also announced plans to establish its first mRNA manufacturing facility in Africa in mid-2022.