Pharma giant Moderna has locked in a $1.5 billion, five-year term loan facility from Ares Management Credit Funds to strengthen its balance sheet and expand financial flexibility. 

The non-dilutive financing includes three tranches: a $600 million initial term loan funded at closing; a $400 million delayed draw term loan (DDTL) available through November 2027; and a $500 million DDTL contingent on key regulatory milestones, available through November 2028. 

“While we remain on track to achieve our 2028 cash breakeven target, this additional capital enhances our strong balance sheet and provides increased flexibility over the coming years,” said Jamey Mock, Moderna CFO. “Ares is a highly reputable lender in the healthcare space, and we are proud to have their support as we pursue our long-term financial goals.” 

Doug Dieter, Co-Head of Ares Specialty Healthcare, added: “We are pleased to provide flexible capital to Moderna at this pivotal moment. Their mRNA platform has already produced multiple commercial products, and their clinical pipeline is both impressive and differentiated. This investment underscores Moderna’s disciplined approach to capital management.”