(Yicai Global) July 5 -- Moderna is set to announce investment in China of as much as USD1 billion, the US vaccine maker’s first in the country, according to sources.

Chief Executive Stéphane Bancel has arrived in Shanghai and will attend the signing ceremony for the investment today, the sources told Yicai Global.

During a visit to the country in April, Bancel said Massachusetts-based Moderna would accelerate its investment in Shanghai and join hands with its Chinese partners on research, development, and production.

Moderna set up a biotechnology unit with a registered capital of USD100 million in the city’s Minhang district in May. Moderna Biotech China is controlled by Moderna Biotech UK, with Christoph Brackmann, senior vice president of finance at Moderna, as its legal representative.

Editor: Futura Costaglione