(Bloomberg) -- China appears to be accelerating the development of its first homegrown mRNA Covid-19 vaccine, as Beijing’s authorization of the Pfizer Inc.-BioNTech SE shot remains in limbo.

The vaccine from Walvax Biotechnology Co. and Suzhou Abogen Biosciences Co. will be tested as booster shot in fully immunized adults as part of the pivotal trials that are already underway. The approach could give the companies a potential fast-track to the market in the world’s most populous country before those trials are fully completed. 

The immunization uses the emerging mRNA technology that has proven dramatically effective in Western shots from Pfizer, BioNTech and Moderna Inc., triggering speculation that it may soon be enlisted as a powerful addition to the ongoing booster campaign in China. 

Significant Sales

The booster study will be part of the phase III trials that also seek to determine the vaccine’s efficacy against the original strain of the virus and the more infectious variants, a spokesperson for Kunming-based Walvax said. It may be easier for the companies to get a fast answer and access to a broad market for the vaccine as a booster than as a primary immunization. 

“Boosters will undoubtedly be a significant opportunity for mRNA vaccines in China,” said Zhao Bing, a health care analyst with China Renaissance Securities HK Ltd. “It’s very likely the shot could be first given emergency authorization in China with data from the booster trial.”

The news buoyed investors, who sent shares of the Walvax soaring 13%, the most since late July, to 54.87 yuan on Wednesday. They were trading at 52.52 yuan at 1:12 p.m. in Shenzhen. 

Access to a homegrown mRNA shot could limit demand for the Pfizer and BioNTech vaccine that uses the same technology and has been the backbone of vaccination across developed countries. Chinese drugmaker Shanghai Fosun Pharmaceutical Group Co. licensed the immunization and has sought, so far unsuccessfully, to bring it to the Chinese mainland. 

“It will end up with a far smaller space in the market if the domestic mRNA vaccine is approved firsthand,” Zhao said. 

Fosun lost as much as 6% in Hong Kong and declined 2.8% in Shanghai.

Fast Track

The booster shot approach means the local vaccine could be given in China before it gets definitive data from overseas trials on how effective it is at primary prevention for coronavirus. It would be mostly used as a booster for hundreds of millions of people already fully vaccinated with inactivated vaccines from state-owned Sinopharm and Beijing-based Sinovac Biotech Ltd. 

China granted emergency authorization to the traditional immunizations in July 2020 when they were still being tested in the final phase III trials normally needed for approval. Chinese regulators issued conditional approval months later after they proved effective against infection, severe disease and deaths, though they are less potent than the novel mRNA vaccines. 

Walvax said it couldn’t comment on the prospect of approval based on the vaccine’s booster trial. China’s drug regulator, the National Medical Products Administration, didn’t immediately respond to a request for comment. 

The share rally may not last, given that the company has released scant data from its early human testing, said Mia He, Bloomberg’s senior health care analyst. The only data available on the shot so far is how it worked on mice, she said. 

“Even if it states it is at phase III, it is difficult for us to judge whether it will be approved eventually,” He said. 

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