Moderna (MRNA.O), opens new tab on Wednesday said Blackstone’s (BX.N)
, opens new tab life sciences arm would offer $750 million to help fund development of its flu vaccines, bolstering the company’s efforts to advance multiple vaccines in the face of a steep decline in sales of its COVID-19 shots.

Moderna is developing several new vaccines, including for cancer and respiratory syncytial virus (RSV), resulting in high research and development spending.

The funding will reduce R&D expenses, although Moderna said it still plans to spend about $4.5 billion this year.

“We’re excited about this because it checks all the boxes,” Chief Financial Officer James Mock said during the company’s 2024 vaccines day event. “It allows us to accelerate into new programs. It allows us to diversify our revenue stream and it reduces the risk, frankly, of the flu program as well.”