[whymauri]

>For exsmple, AstraZeneca did a deal with Moderna including a $240MM upfront to another $180MM for potential milestones six months before the DARPA money.

This is called "biobucks" in the industry. There's an incentive to close big deals for management and business types in biotech, so they love to craft these large headlines to drop it on their resume and grift at another big pharma.

I'd be surprised if they ever received the $180MM, although $240MM upfront is really impressive.

[vibrio]

I think "grift" is a bit cynical. I agree the 'biobucks' concept largely exits, but it also good deal-making. A huge upfront is 100% risk on the buyer. Paying out incrementally for accomplishments is common and good business sense risk-sharing and should happen in almost any industry.

The larger point is that Moderna was flush with cash for years before COVID, and the DARPA money wasn't that 'crazy' of an investment, or essential to Moderna's progress.