Blackstone Life Sciences is investing $750 million in Moderna’s influenza vaccine program as part of the investment platform’s efforts to “support innovative mRNA technology.”

According to the terms of the agreement, announced during its annual Vaccines Day event on Wednesday, Blackstone will provide “up to” $750 million to fund the biotech’s flu vaccine research in exchange for an undisclosed amount of “cumulative” commercial milestone payments and “low-single-digit” royalties on any approved products.

Moderna will use the funds to subsidize the program rather than increase the amount of money available for its flu research.

The Massachusetts-based biotech will keep all its flu assets. The Blackstone acquisition will have no impact on Moderna’s $4.5 billion “research and development framework” for 2024, and the company has stated that the funding will be shown as a reduction in R&D expenses.

“This landmark collaboration is another example of our long-standing strategy to partner with the world’s leading life science companies to advance their critical path vaccines, medicines and medical technologies to patients,” said Nicholas Galakatos, global head of Blackstone Life Sciences.

Blackstone Life Sciences currently has more than $8 billion in assets under management.