(Reuters) – Moderna said on Wednesday that Blackstone’s life sciences division would provide it with $750 million (694 million euros) to finance its flu vaccines.
The pharmaceutical group is developing several new treatments (mRNA), notably against cancer and respiratory syncytial virus (RSV), and plans to spend around $4.5 billion on research and development in 2024.
The development of several vaccines “requires substantial investment in late-stage studies and we are delighted to welcome Blackstone and its innovative financing model,” said Stéphane Bancel, chief executive of the group, in a press release.
On Wall Street, Moderna shares fell 0.79% to $106.56 at 1:51 p.m. GMT.
The company plans to move three vaccines into final-stage trials this year, including one against the varicella-zoster virus that causes chickenpox, which can cause shingles in older adults, and another against the pathogen that causes infectious mononucleosis.
Moderna has been losing money since sales of its COVID-19 vaccines declined from a peak of more than $18 billion in 2022.
In 2023, the group recorded a net loss of $4.7 billion.
The company estimates that flu vaccines are about a $7 billion market this year, and expects its scope to expand as more vaccines become available.
(Reporting Leroy Leo and Sneha SK in Bangalore; French version Stéphanie Hamel, editing by Kate Entringer)
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