Recordati announced a strategic collaboration and license agreement with Moderna to develop and commercialize worldwide mRNA-3927, an investigational mRNA therapy for propionic acidemia, a rare and life-threatening inherited metabolic disorder. Under the agreement, Moderna will continue to lead clinical development, while Recordati will take responsibility for global commercialization if the treatment is approved.

mRNA-3927 is designed to restore activity of the propionyl-CoA carboxylase enzyme, addressing the root cause of the disease rather than only managing symptoms. Interim clinical data published in Nature has shown early signs of clinical improvement, and a potential registrational study has completed patient enrollment, with key data expected by the end of 2026. If approved, the therapy could become the first disease-modifying treatment for propionic acidemia.

As part of the deal, Recordati will pay Moderna USD 50 million upfront and up to USD 110 million in near-term development and regulatory milestones, with additional commercial milestones and tiered royalties tied to sales. Recordati stated that the transaction is not expected to have a significant impact on EBITDA before a potential launch. The agreement is subject to customary closing conditions, including U.S. antitrust clearance.