Recordati licenses global commercial rights to Moderna's propionic acidemia therapy mRNA-3927

Recordati agreed to a collaboration and license for mRNA-3927, Moderna's mRNA therapy for propionic acidemia, a rare inherited metabolic disorder. Moderna keeps leading development with Recordati, and Recordati would commercialize the drug worldwide if it is approved. The deal brings Moderna $50 million upfront and up to $110 million in later milestones, a rare-disease bet that sits outside its vaccine business.

• Upfront payment to Moderna: $50 million
• Development and regulatory milestones: up to $110 million
• Moderna leads development; Recordati leads global commercialization after approval
• A registrational study is fully enrolled, with readout expected by the end of 2026
• Moderna's later 10-Q said the transaction closed on March 16, 2026