A Small Deal With Big Implications for Drug Design

A licence-and-option agreement in Sweden shows how delivery systems are becoming part of early drug strategy, not a late-stage add-on

15 Dec 2025

At first glance, the agreement between Moderna and Sweden-based Nanexa AB looks modest. Look closer, and it tells a larger story about where pharmaceutical strategy is heading.

The companies have struck a license-plus-option deal around Nanexa’s PharmaShell® drug delivery platform. Moderna has licensed the technology for one compound, with the option to expand to as many as four more. It is not a sweeping partnership, and that is the point.

This structure gives Moderna room to test how the delivery system performs in real development programs before committing more broadly. It reflects a growing industry preference for staged collaborations that balance access to innovation with operational flexibility.

PharmaShell® is designed to enable long-acting release of injectable medicines, extending the effect of a single dose. For developers working with complex biologics, this can mean fewer injections without sacrificing efficacy. As pipelines shift toward chronic and long-duration treatments, delivery decisions now shape clinical design, manufacturing plans, and commercial positioning.

For Moderna, the deal fits neatly with its evolution beyond vaccines. As the company builds a portfolio of injectable therapies intended for ongoing use, injection burden becomes a strategic variable. Patient adherence, clinic workflows, and real-world uptake can hinge on how often a drug must be administered. Bringing delivery considerations in early can raise the long-term value of an entire program.

Nanexa, for its part, frames the agreement as validation of a philosophy that treats drug substance and delivery as inseparable. The optional nature of the deal also signals confidence that performance, not promises, will drive expansion.

Across the industry, delivery innovation is increasingly seen as a competitive differentiator, especially in crowded therapeutic areas. Rather than developing proprietary systems from scratch, large pharmaceutical companies are turning to specialized partners to save time and manage complexity.

The Moderna–Nanexa agreement is not without risk. New delivery platforms can complicate manufacturing and scale-up, and option-based deals require careful coordination as programs mature. Still, the message is unmistakable.

Drug delivery is no longer a late-stage tweak. It is becoming a strategic lever, one capable of shaping portfolios, pipelines, and long-term competitiveness.