Moderna secures $750M to develop flu vaccines
Blackstone Life Sciences invests in drug creator
Moderna said on Wednesday that Blackstone’s life sciences arm would offer $750 million in funding toward its flu vaccines, bolstering its efforts to advance multiple vaccines to stem a postCOVID slump in sales.
The biotech firm is developing several new vaccines, including for cancer and respiratory syncytial virus (RSV), and plans to spend about $4.5 billion on research and development in 2024.
Developing multiple vaccines “requires substantial investment in latestage studies and we are excited to welcome Blackstone and their innovative financing model,” CEO Stéphane 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.
The company plans to move three vaccines to late-stage trials this year, including one against the chickenpoxcausing varicella-zoster virus that can cause shingles in older adults and another against the pathogen that causes infectious mononucleosis, commonly known as mono.
Moderna has been losing money since sales of its COVID-19 shots declined from the peak of more than $18 billion it generated in 2022.
In 2023, it recorded a $4.7 billion net loss.
The company estimates flu vaccines to represent a roughly $7 billion market this year, and expects its scope to widen as new shots become available.
Its 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.
Moderna plans to file its application for the flu shots with regulators this year.
Its RSV vaccine is expected to be launched this year in the United States.