Moderna CEO Stéphane Bancel speculated on Tuesday that the existing Covid-19 vaccines may not be as effective against the omicron variant of the coronaviruses, which led to a slump in vaccine stocks like Moderna and BioNTech.
Stephane Bancel, the CEO of Moderna, said he expects a material drop in the effectiveness of current vaccines.
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In an interview with the Financial Times, Bancel said that in no world will the effectiveness of existing vaccines be the same as it is against the currently widespread delta variant.
The CEO of Moderna thinks there will be a material drop in effectiveness but he doesn't know how much.
Bancel noted that the primary concerns about omicron are caused by the variant's spikeProtein that existing vaccines are designed to target.
Bancel claimed that most experts thought that the variant wouldn't emerge for another year or two.
Bancel warned that Moderna may need months to mass manufacture vaccines to protect against the omicron variant.
The futures markets for crude oil and vaccine stocks have fallen since Bancel made his comments, as have the Japan's Nikkei 225.
Bancel's warnings run counter to statements made by U.S. officials this week. The new variant was a cause for concern, but not a cause for panic according to President Joe Biden. The vaccines will provide a degree of protection against severe disease, according to the U.S. government's medical experts. Anthony Fauci said on Good Morning America that vaccines and booster shots generate a very high level of antibodies, which is what the Omicron variant does.
The World Health Organization classified the variant of concern as a variant of concern after it was first detected in South Africa. The cause of a rapidly growing outbreak in South Africa's populous Gauteng province is believed to be the new variant. The U.S., Japan, Israel, U.K., France, Italy, and others have imposed restrictions on travelers from southern Africa because of fears about the variant being more vaccine resistant and immune evasive.
There is a structure called the Tangent.
Despite announcing a complete ban on foreigners entering the country, Japan found its first case caused by the omicron variant on Tuesday. A man in his 30s who arrived in Tokyo from Namibia has been diagnosed with an infectious disease. Australian authorities said on Tuesday that a traveler most likely has the Omicron variant has spent time in the community. The person in question arrived in Australia last week before the border restrictions went into effect. Concerns of a wider local outbreak have been raised by the visit of an infectious individual to a crowded shopping center.
Moderna chief predicts that existing vaccines will not work.
The first case of Omicron variant has been confirmed by Japan.
Australia is on alert after the first probable Omicron community case.
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