March 27 (Reuters) - Moderna ( MRNA ) said on Wednesday

it has entered into an agreement with private equity firm

Blackstone's life science investment platform for a

funding of $750 million to develop its mRNA flu vaccines.

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 funding is expected to support the biotech firm that has

been working on multiple vaccines to make up for the decline in

sales of its COVID shots sold under brand name Spikevax.

Moderna ( MRNA ) has plans to spend about $4.5 billion in 2024

towards research and development.