Moderna Announces Strategic Collaboration with Recordati to Globally Commercialize Investigational Propionic Acidemia Therapeutic (mRNA-3927)
Rhea-AI Summary
Moderna (NASDAQ:MRNA) announced a strategic collaboration with Recordati to advance investigational propionic acidemia therapeutic mRNA-3927 through final clinical development and, upon approval, global commercialization. Moderna will lead development and manufacturing; Recordati will lead commercialization. Financial terms include $50M upfront and up to $110M in near-term milestones, plus commercial milestones and tiered royalties. The agreement is subject to customary closing conditions, including U.S. antitrust clearance expected within 30 days. A pivotal data readout is expected in 2026.
Positive
- Upfront payment of $50M
- Up to $110M in near-term development and regulatory milestones
- Tiered royalties on net sales provide long-term commercial upside
- Recordati to lead global commercialization, leveraging rare-disease infrastructure
- mRNA-3927 registrational study has reached target enrollment
- Pivotal data readout expected in 2026
Negative
- Deal subject to U.S. antitrust clearance within 30 days
- Commercial and sales milestones unspecified, creating revenue timing uncertainty
- Potential royalty dependence may limit Moderna's near-term revenue capture
Key Figures
Market Reality Check
Peers on Argus
MRNA was down 0.33% while close peers showed mixed moves (e.g., ROIV +0.59%, MDGL -0.54%). Momentum scans only flagged CORT at -13.72%, reinforcing that this collaboration news appears more stock-specific than sector-driven.
Previous Partnership Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Aug 28 | Partnership announcement | Positive | -0.8% | Collaboration to apply somatic genomics platform for cardiovascular and renal targets. |
| Jul 02 | Government partnership award | Positive | +1.0% | $176M BARDA award to accelerate mRNA-based pandemic influenza vaccine development. |
Partnership-related headlines have produced mixed reactions, with one positive and one negative move despite generally constructive collaboration news.
In prior collaboration-focused updates, Moderna’s stock reaction has been modest. A BARDA partnership award on Jul 2, 2024 tied to mRNA pandemic influenza work saw shares rise 0.97%. Another partnership-related announcement on Aug 28, 2024 coincided with a 0.79% decline. Together, these events suggest that partnership news has not consistently driven strong directional moves, providing context for today’s Recordati collaboration on mRNA-3927.
Historical Comparison
In the past, partnership news for MRNA has led to average moves of about 0.88%, with one up and one down reaction, suggesting typically modest price impact for similar announcements.
Prior partnerships focused on pandemic influenza and platform deployment; today’s Recordati deal extends collaboration activity into rare metabolic disease with an investigational PA therapeutic.
Market Pulse Summary
This announcement outlines a global commercialization partnership for mRNA-3927 in propionic acidemia, with Moderna retaining development leadership and Recordati handling commercialization. Financially, the deal includes a $50 million upfront payment and up to $110 million in near-term milestones, plus future sales-based economics. Historically, partnership news around MRNA has led to modest average moves of 0.88%. Key items to watch include U.S. antitrust clearance, the 2026 pivotal data readout, and progress of the registrational study, which has reached target enrollment.
Key Terms
propionic acidemia medical
mRNA-3927 medical
registrational study medical
tiered royalties financial
antitrust clearance regulatory
AI-generated analysis. Not financial advice.
Moderna will continue to lead clinical development and manufacturing for mRNA-3927
Moderna to receive up to
CAMBRIDGE, MA / ACCESS Newswire / January 29, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced a strategic collaboration with Recordati to advance Moderna's investigational propionic acidemia (PA) therapeutic, mRNA-3927, through the final stages of clinical development and, upon approval, global commercialization. Recordati, based in Milan, Italy, is an international pharmaceutical group that provides treatments across specialty and primary care, and rare diseases, including PA. Through this agreement, Moderna will continue to lead the clinical development of mRNA-3927 through approval and Recordati will lead commercialization.
"We are proud to partner with Recordati in a joint mission to improve the lives of people living with propionic acidemia," said Stéphane Bancel, Chief Executive Officer of Moderna. "Recordati brings deep rare disease commercial expertise and an established global commercial infrastructure in propionic acidemia that will help us accelerate the benefit of mRNA-3927 upon approval."
"Propionic acidemia is a serious rare disease with a significant unmet medical need due to the lack of disease modifying treatment options to date. We look forward to partnering with Moderna," said Rob Koremans, Chief Executive Officer of Recordati. "Their experience in applying innovative mRNA technology, combined with our experience in rare metabolic disorders and strong established commercial infrastructure, positions us well to advance this potential therapy together to serve patients. We are encouraged by the clinical data and look forward to the pivotal readout expected in 2026. This deal strengthens our development portfolio and builds on our heritage in the metabolic field."
Under the terms of the agreement, Moderna will receive an upfront payment of
mRNA-3927 is currently being evaluated in a registrational study that has reached target enrollment. The Company expects a potential data readout in 2026.
About propionic acidemia (PA)
Propionic acidemia is a rare, serious, inherited metabolic disorder with significant morbidity and mortality, affecting 1 in 100,000-150,000 individuals worldwide. PA is caused by pathogenic variants in the propionyl-coenzyme A carboxylase (PCC) α or β subunits (PCCA and PCCB genes, respectively), leading to PCC deficiency and subsequent accumulation of toxic metabolites. PA is characterized by recurrent life-threatening metabolic decompensation events (MDEs) and multisystemic complications. Currently, there are no effective therapies for PA that target the underlying root cause of the disease.
About mRNA-3927
mRNA-3927 is an investigational novel mRNA-based therapeutic agent that is composed of two mRNAs encoding for normal human PCCA and PCCB subunits. Intravenous (IV) administration of mRNA-3927 is intended to restore functional PCC enzymes in patients with PA.
Interim data from a first-in-human, phase 1/2, open-label, dose optimization study and extension study evaluating the safety and efficacy of mRNA-3927 indicate early signs of potential clinical benefit and demonstrate that mRNA-3927 has infrequent treatment-limiting side effects.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: Moderna's collaboration with Recordati to commercialize its PA therapy; Moderna's clinical development of mRNA-3927; timing of an expected pivotal data readout in 2026; the potential for regulatory approval and commercialization of mRNA-3927; potential payments, milestones and royalties under the collaboration agreement; and expected closing of the transaction and customary closing conditions, including U.S. antitrust clearance. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
Moderna Contacts
Media:
Chris Ridley
Head of Global Media Relations
+1 617-800-3651
Chris.Ridley@modernatx.com
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
Lavina.Talukdar@modernatx.com
SOURCE: Moderna, Inc.
View the original press release on ACCESS Newswire
FAQ
What did Moderna (MRNA) and Recordati announce about mRNA-3927 on January 29, 2026?
How much will Moderna (MRNA) receive upfront and in near-term milestones from Recordati?
Who will lead commercialization and who will lead clinical development for mRNA-3927 (MRNA)?
When is the pivotal data readout for mRNA-3927 expected and what is the study status?
What regulatory or closing conditions could affect the Moderna (MRNA) and Recordati collaboration?
