Updated March 27th, 2024 at 16:17 IST

Moderna secures $750 million investment from Blackstone Life Sciences for flu shot development

Moderna has outlined its plan to allocate approximately $4.5 billion towards research and development initiatives throughout 2024.

Reported by: Business Desk
Representative | Image:Pixabay

Blackstone backs Moderna: Moderna secures $750 million investment from Blackstone Life Sciences for influenza vaccine development

Moderna announced on Wednesday that it has forged a deal with the life science investment arm of Blackstone, a private equity firm, to receive $750 million in funding for the advancement of its mRNA flu vaccines.

Under the terms of the agreement, Blackstone Life Sciences will be entitled to commercial milestone payments and low-single digit royalties. This collaboration marks another significant step for the COVID-19 vaccine manufacturer.

The funding infusion is poised to bolster the biotech company's efforts as it diversifies its vaccine portfolio amidst a reduction in sales of its COVID-19 vaccine, Spikevax.

Moderna has outlined its plan to allocate approximately $4.5 billion towards research and development initiatives throughout 2024.

(With Reuters Inputs)

Published March 27th, 2024 at 16:17 IST