Moderna struck a heavily back‑loaded collaboration with Swedish formulation specialist Nanexa to assess the PharmaShell platform for up to five injectable drug programs. Moderna paid $3 million upfront and secured options and milestone-linked payments that could reach $500 million, plus tiered royalties, to apply Nanexa’s atomic-level inorganic oxide coatings to extend release profiles. Nanexa’s PharmaShell is designed to enable high drug loads in low injection volumes and to protect payloads inside thin, slow‑dissolving films — an approach that partners such as AstraZeneca and Novo Nordisk have already explored. Moderna will initially evaluate the tech on one undisclosed compound with options to license additional assets after preclinical testing. The deal signals continued Big Pharma interest in long‑acting formulations for mRNA and other biologics as companies look to reduce dosing frequency and improve patient convenience.