Why Moderna's $950M Patent Bill Is A Small Price For Pipeline Freedom

2026-03-04 11:05:30 ET

Thesis

As you now know, Moderna, Inc.’s ( MRNA ) settlement with Arbutus Biopharma ( ABUS ) and Genevant Science ( ROIV ) is going to require a pretty hefty upfront payment of $950 million. However, as I will explain, I think this outcome will benefit Moderna much more in the long run. It effectively removes a pretty major litigation overhang for Moderna and locks in royalty-free access to some very critical LNP technology, which they’re using in their infectious disease and vaccine pipeline. You see, this outcome is also set to reserve a lot of freedom to operate for future mRNA vaccines, including some very important combination flu-COVID shots from Moderna....

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