Moderna investors turn down proposal to share vaccine tech
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Two top-10 investors of Moderna (NASDAQ:MRNA) have voted against a shareholder resolution that will be proposed at the companyâs annual meeting on Thursday to urge the COVID-19 vaccine maker to transfer its technology to the developing world.
The resolution asks the companyâs board to consider the feasibility of transferring Modernaâs (MRNA) intellectual property and technical know-how to help address âsupply challengesâ and support the production of mRNA-based COVID-19 shots in low- and middle-income countries.
âWe truly care about equitable access to vaccines but the key challenge is not supply of vaccines, itâs distribution,â The Financial Times reported quoting one top-10 shareholder.
Noting that the supply was not the main concern, the second top-10 investor highlighted the vaccine hesitancy in developing nations. âYou can deliver the vaccine, but you canât force people to be vaccinated,â they added.
Pfizer (PFE), which partnered with BioNTech (BNTX) to develop the first U.S. authorized COVID-19 shot, is set to face a similar resolution drafted by Oxfam at its annual meeting Thursday. Voting closed on Wednesday ahead of the AGMs.
Proxy adviser, Institutional Shareholder Services, has backed both resolutions, while Glass Lewis, another powerful proxy adviser, supported the proposal at Moderna (MRNA) and backed Pfizerâs (PFE) board for the second.