08:26 AM EDT, 03/27/2024 (MT Newswires) -- Moderna ( MRNA ) will receive up to $750 million from Blackstone (BX) Life Sciences to fund its influenza vaccine research program, the companies said Wednesday.

Under the terms, Blackstone said Blackstone Life Sciences will receive milestones and royalties on Moderna's ( MRNA ) flu products, while Moderna ( MRNA ) will retain full rights and control of its flu program.

Moderna ( MRNA ) said phase 3 trials of an investigational flu vaccine and a potential flu and COVID-19 combination vaccine are included in its respiratory pipeline, which also includes a next-generation COVID-19 vaccine candidate and a respiratory syncytial virus, or RSV, vaccine candidate.

Three additional flu vaccine candidates with expanded antigen coverage are also included in the pipeline, according to Moderna ( MRNA ).

The company said its vaccine portfolio includes a total of 28 candidates addressing respiratory, latent virus, and other pathogens. Among them are potential vaccines for the latent viruses cytomegalovirus, Epstein-Barr, herpes simplex, and Varicella-Zoster, all of which are in clinical trials.

Moderna ( MRNA ) said it had five vaccine candidates in phase 3 trials and three more moving toward phase 3.

Shares of the biotech company were up more than nearly 4% in Wednesday's premarket activity.

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