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Moderna said on Wednesday it has entered into an agreement with private equity firm Blackstone’s life science investment platform for a funding of $750 million to develop its mRNA flu vaccines.
The biotech firm has been developing multiple vaccines to make up for a decline in sales of its COVID shots, sold under brand name Spikevax, and plans to spend about $4.5 billion in 2024 towards research and development.
Developing multiple vaccines “requires substantial investment in late-stage studies and we are excited to welcome Blackstone and their innovative financing model,” CEO StÃphane Bancel said in a statement.
Blackstone Life Sciences will get commercial milestone payments and low-single digit royalties as part of the agreement, the COVID-19 vaccine maker said.
Shares of Moderna rose over 2% in premarket trading.
Moderna’s flu shots have generated a stronger immune response against all four A and B strains of the influenza virus compared to traditional flu shots in a late-stage trial, according to data released in September.
Besides the flu shots, Moderna is also developing a vaccine to prevent infections from respiratory syncytial virus (RSV), a combination shot against flu and COVID-19, a second generation COVID vaccine, and a cancer vaccine co-developed with Merck.
Its RSV vaccine is expected to be launched this year in the United States.
First Published: Mar 27 2024 | 4:50 PM IST
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