Alexion Pharmaceuticals, Inc. and Moderna Therapeutics have announced an exclusive strategic agreement for the discovery and development of messenger RNA Therapeutics to treat rare diseases. Under the agreement, Alexion will make an upfront payment to Moderna of $100 million to purchase 10 product options to develop and commercialize treatments for rare diseases with Moderna's mRNA Therapeutics platform. Alexion will lead the discovery, development and commercialization of the treatments produced through this broad, long-term strategic agreement, while Moderna will retain responsibility for the design and manufacture of the messenger RNA against selected targets.

Following option exercise by Alexion, Moderna will be entitled to drug development and commercial milestone payments, as well as high single to double digit royalties on commercial sales. In addition, Alexion has made a $25 million preferred equity investment into Moderna. This broad and long-term strategic agreement represents a significant expansion of Alexion's capabilities for drug discovery, and provides with the strong potential to further mission of developing novel and breakthrough therapies for patients with severe and life-threatening rare diseases.