Even as the new highly-mutated strain of the coronavirus, named omicron, threatens the fledgling post-pandemic recovery across the globe, biopharma companies are ramping up efforts to help.
What Happened: Moderna, Inc. MRNA, which was the second biopharma company to get authorization for a COVID-19 vaccine, is confident it will have something on the table shortly to tackle the latest virus threat.
Moderna's current vaccine will be tested against the new variant, and its ability to offer immunity will likely be known over the next couple of weeks, the company's chief medical officer Paul Burton reportedly said on BBC's "Andrew Marr Show."
If the testing finds the current vaccine to be inadequate, the company can formulate a brand-new vaccine that could be made available in large quantities by early 2022, Burton was quoted as saying.
"If people are on the fence, and you haven't been vaccinated, get vaccinated. This is a dangerous looking virus, but I think we have many tools in our armamentarium now to fight it," the Moderna executive said.
Why It's Important: The specter of a reemergence of the pandemic has led to an across-the-board sell-off in financial markets. The economic recovery, facilitated by stimulatory measures implemented in the wake of the pandemic that hit in early 2020, now faces the risk of derailment.
There is already a sense of déjà vu, as countries have begun discussing lockdowns, travel restrictions and other measures.
Effective vaccines against the new variant, therefore, could go a long way toward alleviating concerns.
Moderna's shares spiked 20.57% to close at $329.63 in the truncated session on Friday.
Related Link: Can Moderna Deliver A Highly Effective Flu Vaccine?
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