Mitsubishi Tanabe Abandons Commercialization of COVID Vaccine
Osaka, Feb. 3 (Jiji Press)--Mitsubishi Tanabe Pharma Corp. said Friday that it has decided to abandon a plan to commercialize a COVID-19 vaccine developed by Canadian subisidiary Medicago Inc., citing difficulties building a mass production system for the vaccine, as well as a decline in demand for such vaccines.
The Japanese firm, based in the western Japan city of Osaka, will cease all operations at the Quebec-based unit and liquidate it.
Mitsubishi Tanabe Pharma, a unit of Mitsubishi Chemical Group Corp. <4188>, started the development of a COVID-19 vaccine in 2020.
In February last year, it obtained approval in Canada to manufacture and sell the Medicago vaccine, Covifenz, the world's first plant-based COVID-19 vaccine.
However, it has been unable to supply the vaccine, struggling to mass-produce it.
[Copyright The Jiji Press, Ltd.]