Blackstone to invest up to $750 million to support Moderna mRNA technology
Shares of US mRNA specialist Moderna (Nasdaq: MRNA) closed up 3.2% at $110.59 yesterday, on the news that fund manager Blackstone Life Sciences (NYSE: BX) will provide up to $750 million to fund Moderna’s influenza (flu) program.
If successful, Blackstone will be eligible to receive milestones and royalties on resultant flu products. Moderna will recognize the funding as a reduction in research and development expenses and will retain full rights and control of the company’s influenza program.
“Moderna has demonstrated a remarkable ability to impact human health through mRNA vaccines targeting respiratory illnesses. This landmark collaboration is another example of our long-standing strategy to partner with the world’s leading life science companies to advance their critical path vaccines, medicines and medical technologies to patients,” said Nicholas Galakatos, global head of Blackstone Life Sciences.
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