US pharmaceutical company Moderna said that a bioscience subsidiary of Blackstone, the world’s largest alternative asset management company, has provided $750 million in funding to support Moderna’s research and development of flu vaccines.
After the news was revealed, Moderna’s stock price rose 3% on Wednesday.
Moderna is researching several vaccines in the hope of generating significant revenue to ease the blow of reduced revenue from COVID-19 vaccines. However, the development of new vaccines requires a lot of capital, and Blackstone’s investment this time will help alleviate Moderna’s financial pressure.
James Mock, Moderna’s CFO, said at the annual investor seminar that he was encouraged by Blackstone’s participation in vaccine research and development, believing it would help speed up the research and development process and make the group’s revenue more diverse.
As part of the agreement, Blackstone will be able to share a portion of the patent revenue from flu vaccines in the future.
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