Blackstone Life Sciences has entered a development and commercialisation funding agreement with Moderna, committing $750m to support the latter’s influenza programme.

The collaboration is part of Blackstone's strategy to support scientific innovation in biopharmaceuticals and medical technology.

The funding will also help support messenger ribonucleic acid (mRNA) technology.

Funds managed by Blackstone will offer substantial financial backing for the 'flu programme. In return, the company will be eligible to receive milestone and royalty payments on any successful 'flu products that emerge.

Moderna will account for the funding as a reduction in its research and development expenditures while maintaining complete rights and control.

Moderna CEO Stéphane Bancel stated: “Moderna is advancing a broad and diverse pipeline at a pace not seen before in our industry.

“Our goal is to launch multiple vaccine products in the next few years and deliver the greatest possible impact to people through mRNA medicines.

“Achieving this ambition requires substantial investment in late-stage studies and we are excited to welcome Blackstone and their innovative financing model.”

The companies did not disclose further financial details of the deal.

Blackstone Life Sciences global head Nicholas Galakatos stated: “Moderna has demonstrated a remarkable ability to impact human health through mRNA vaccines targeting respiratory illnesses.

“This landmark collaboration is another example of our long-standing strategy to partner with the world’s leading life science companies to advance their critical path vaccines, medicines and medical technologies to patients.”

The latest development comes after Moderna reported a net loss of $4.7bn for the full year 2023 as against a net income of $8.4bn in 2022.