Benzinga | Apr 29, 2021 08:26AM EDT

Moderna Tries To Boost COVID-19 Vaccine Supply Chain To Produce 3B Doses Annually

* Moderna Inc (NASDAQ: MRNA) plans to produce up to 3 billion doses in 2022, doubling capacity at contract sites in Switzerland and Spain run by Lonza Group (OTC:LZAGF) and Rovi, respectively, and increasing drug substance manufacturing by 50% at its U.S. facilities.

* The expansions will also allow Moderna to now produce between 800 million and 1 billion doses in 2021, the company said.

* The actual number of doses will depend on the manufacturing split between 100-microgram vaccine doses and potentially lower-dose boosters and pediatric vaccines, the company said.

* The financial terms of the expansion were not disclosed, but Moderna said it is funding the move out of pocket.

* The increases announced today are in addition to the recently announced increases in formulation, fill and finish in the U.S. with Catalent Inc (NYSE: CTLT) and Sanofi S.A. (NASDAQ: SNY).

* Sanofi entered an agreement earlier this week to help manufacture 200 million doses of Moderna's COVID-19 vaccine at its Ridgefield, NJ site. That will begin in September.

* CDMO Catalent announced that it was upping the production capacity of the vaccine in its Bloomington, IN biologics facility through its new high-speed vial filling line. Those doses are expected to be ready in May.

* Additionally, citing new data, Moderna says the COVID-19 vaccine can remain stable at temperatures found in refrigerators for three months.

* Currently, the mRNA vaccine is approved to be stored in the refrigerator between 2-8?C for up to 30 days and up to seven months in the freezer at -20?C.

* Price Action: MRNA shares are up 1.85% at $181.98 in the premarket trading on the last check Thursday.