Blackstone to Fund Moderna's Flu Research With up to $750 Million
By Will Feuer
Blackstone has agreed to fund up to $750 million of Moderna's research to develop a vaccine for influenza in return for royalties and payouts based on certain milestones.
The tie-up shows how Moderna is tapping partners to help fund its research after the vaccine maker was hit by a slowdown in demand for its Covid-19 vaccine.
Moderna Chief Executive Stéphane Bancel said the company's ambitions to launch multiple new vaccines in the coming years requires substantial capital investment. He described the Blackstone deal as an innovative financing model.
Moderna said it will recognize the funding as a reduction in research and development costs. The company will retain full rights and control of its flu program, and the funding doesn't change Moderna's 2024 research and development cost guidance of about $4.5 billion
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
March 27, 2024 07:02 ET (11:02 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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