Moderna signed a heavily back‑loaded collaboration with Swedish long‑acting formulation company Nanexa to test its PharmaShell microparticle coating on up to five injectable programs. Moderna paid a small upfront fee and secured an initial license for one compound with options for four additional assets; the deal carries up to $500 million in option fees and milestones plus tiered low‑single‑digit royalties. Nanexa’s PharmaShell places a thin inorganic oxide film on drug microparticles to enable high drug load in small volumes and sustained release. Moderna will evaluate whether PharmaShell can extend release profiles of selected Moderna compounds — a move aligned with Moderna’s pivot toward oncology and long‑acting biologics. Source: Moderna and Nanexa corporate releases.