Moderna out‑licensed a late‑stage rare disease candidate to Recordati in a deal that provides $50 million upfront and transfers development responsibilities overseas. The asset could produce registrational data within the year, according to Moderna’s announcement. The agreement lets Moderna redeploy capital while giving Recordati rights to advance and commercialize the program under its rare disease remit. The transaction exemplifies a pragmatic licensing approach by RNA‑platform companies to de‑risk portfolios and prioritize core programs while still capturing value from earlier assets. For Recordati, the deal accelerates access to an advanced candidate that could expand its rare disease footprint.