Moderna out‑licensed a late‑stage rare‑disease candidate to Recordati in a deal that included $50 million up‑front consideration, shifting registrational‑stage development to the buyer. The arrangement transfers near‑term development obligations and regulatory filing prospects to Recordati while potentially de‑risking Moderna’s portfolio and freeing capital for other mRNA programs. Moderna will benefit from milestone and potential commercial upside under the licensing terms, per company filings. The deal reflects broader strategic pruning by platform companies seeking to prioritize core pipelines while monetizing assets that may fit better under specialty or regional commercial models.