Trendy Moderna's single-asset CF pact with Vertex marks a new phase of dealmaking
Just a few days after Moderna wrapped up a $200 million-upfront research deal with Merck, the Boston biotech is back with another pact – this time tying up with crosstown biotech Vertex $VRTX on a cystic fibrosis development agreement.
Vertex is starting out with what amounts to a relatively small upfront for Moderna, which has struck the mother lode of deals with its promise – as yet unproven in any human trials – that your cells can be made into drug production units. Moderna gets $40 million upfront with half of that coming as a convertible note investment. And there’s another $275 million up for grabs in the form of milestone payments.
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