Moderna halts plans to build Kenya vaccine plant as Covid shot demand plunges
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A nurse prepares a dose of Moderna Covid-19 vaccine at Oltepesi Dispensary in Kajiado, Kenya, on September 9, 2021. Patrick Meinhardt | AFP | Getty Images Moderna on Thursday said it has paused plans to build a vaccine-manufacturing site in Kenya after a steep drop in demand for its Covid vaccines . The biotech company said it has not received any vaccine orders for Africa since 2022 and has taken more than $1 billion in losses and write-downs related to the cancellation of previous orders from the continent. Moderna's decision aligns with its broader effort to cut costs by resizing its Covid vaccine-manufacturing footprint. The company's business took a major hit last year as demand for those jabs waned worldwide, with people relying less on protective vaccines and treatments against the virus. Shares of Moderna fell 45% last year, but the stock is up around 6% this year. In March 2022, the company said it would invest about $500 million in the Kenyan site and...