Why Moderna’s Nanexa Pact Matters More Than It Looks

Moderna’s pact with Nanexa spotlights drug delivery as biotech’s next growth engine, accelerating long-acting injectables and reshaping competition

16 Dec 2025

Moderna’s partnership with Sweden’s Nanexa marks a growing shift in biotechnology from discovering new molecules to improving how medicines are delivered. The deal, announced in December, grants Moderna access to Nanexa’s PharmaShell technology for up to five injectable drugs, beginning with one compound and options to expand following early-stage evaluations.

Financial terms include potential milestone and royalty payments worth about $500mn, alongside an undisclosed upfront fee. While not an acquisition, the agreement reflects how delivery platforms are becoming a strategic priority in an increasingly crowded market.

PharmaShell uses a thin coating around drug particles to enable slower and more controlled release, extending how long medicines remain active in the body. The method aims to reduce dosing frequency and improve storage stability, offering potential benefits for both patients and manufacturers. Fewer injections could improve adherence for chronic treatments, while drugmakers may use such technology to extend product lifecycles without changing active ingredients.

Industry analysts view the Moderna–Nanexa deal as part of a wider trend. As biotech pipelines mature and competition intensifies, companies are looking to formulation and delivery systems to sustain growth. Innovations that make drugs more stable or easier to administer are increasingly seen as essential to maintaining competitiveness.

For Moderna, the agreement aligns with its effort to expand beyond messenger RNA vaccines and strengthen its technological base. Starting with a small number of compounds allows the US group to assess performance before broader adoption. For Nanexa, collaboration with a major international partner provides validation and could accelerate uptake of its platform across the sector.

Challenges remain, particularly around regulatory approvals and manufacturing at scale. But with investor attention turning to patient-friendly delivery formats, long-acting injectables are emerging as a focal point for future drug development.