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- President Donald Trump announced Tuesday that the U.S. government has reached a deal with Moderna for 100 million doses of its coronavirus vaccine candidate.
- Shares of Moderna spiked as much as 10% on Wednesday.
- The company separately announced that the deal is worth $ 1.53 billion and gives the government the option to purchase up to 400 million doses of its coronavirus vaccine candidate.
- Watch the Moderna trade live on Markets Insider.
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Shares of Moderna spiked as much as 10% on Wednesday after President Donald Trump said on Tuesday that the U.S. government had reached a deal to buy 100 million doses of the coronavirus vaccine candidate.
Moderna announced on Tuesday separately that the deal is worth $ 1.53 billion, and that it gives the government the option to purchase up to 400 million doses of its coronavirus vaccine candidate, mRNA-1273. The COVID-19 vaccine began in human subjects in late July.
The U.S. government has previously pledged $ 955 million to Moderna for fax development – the new round of purchases brings its total investment to $ 2.48 billion, the company said in a press release.
Read more: The CEO of Moderna shared a detailed timeline for when we know if the vaccine works for her coronavirus, and warns that you may not get a shot until spring
“We are investing in the development and manufacturing of the top six vaccine candidates to ensure prompt delivery,” Trump said during a news conference Tuesday at the White House. “The military is ready to go. They’re ready to deliver a vaccine to Americans once one is fully approved by the FDA, and we’re very close to that approval.”
The U.S. government has also made agreements with other pharmaceutical companies for potential COVID-19 vaccines, including Pfizer, Johnson and Johnson, Sanofi, and GlaxoSmithKline.
The deals are part of the Trump administration’s Operation Warp Speed program, which is dedicated to accelerating the development, manufacturing and distribution of COVID-19 faxes.
Moderna had gained 253% year to date by the close of Tuesday.
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