Biotechnology company Moderna Inc (Nasdaq: MRNA) revealed on Wednesday that the European Commission has approved an agreement to secure 80 million doses of mRNA-1273, the company's COVID-19 vaccine candidate.

Under the terms of the proposed agreement, Moderna said the European Commission has the option to increase its purchase of mRNA-1273, from 80 million doses to a total of up to 160 million doses.

On approval by the European Medicines Agency (EMA) human medicines committee (CHMP), Moderna also stated that delivery of the vaccine could begin as early as the first quarter 2021. CHMP reportedly began a rolling review of mRNA-1273 on 17 November 2020.

Moderna added that it is working with its strategic manufacturing partners, Lonza of Switzerland and ROVI of Spain, for manufacturing and fill-finish outside of the US. This is a dedicated supply chain to support Europe and countries other than the US that enter into purchase agreements with Moderna.

The company also said that it remains on track to manufacture 500 million to one billion doses globally in 2021.

If the relevant regulatory approvals are granted, Moderna expects to begin shipping mRNA-1273 to the European Union beginning in December 2020, it concluded.