Shares of Moderna (MRNA) climbed 1.5% on Wednesday after the vaccine maker reportedly signed an agreement with the Chinese government to research, develop, and manufacture mRNA medicines i🍌n the country.

Moderna told Reuters it signed a memorandum of understanding and a land collaboration arrangement to produce drugs that would be exclusively for the Chinese people and won’t be exported.

Chinese media outlet Yicai reported the deal could be worth about $1 billion, and CEO Stephane Bancel was visiting Shanghai. 

The agreement is the first for Moderna in China, and also its𒁏 first to involve mRNA medicines in general, no♋t just COVID-19 shots.

The company has been looking for ways to boost revenue as demand for its COVID-19 vaccine wanes. Despite Wednesday's advance, shares of Moderna have lost three-quarters of their value since hitting an all-time high in August 2021.