Moderna says it will develop booster shot for new COVID strain

New Delhi : The US pharmaceutical company Moderna on Friday announced that it will develop a booster shot against the new Omicron variant of the coronavirus, first found in South Africa.

It is one of three strategies the company is working to address the new threat, including a higher dose of its existing vaccine, Moderna said.

"The mutations in the Omicron variant are concerning and for several days, we have been moving as fast as possible to execute our strategy to address this variant," said Moderna CEO Stephane Bancel.

The World Health Organization has categorized it to be a "variant of concern". Omicron has been kept under the most troubling category of coronavirus variants, along with the globally-dominant Delta, plus its weaker rivals Alpha, Beta and Gamma.

To stop spread of the new variant, many countries have announced flight bans. A dip in stock market and oil prices were reported on Friday amid fears of economic blow.