Vaccine maker Moderna (MRNA) said on Thursday that it has secured a $1.5 billion, five-year credit facility from Ares Management Credit Funds as it seeks to pivot into oncology and rare-disease therapeutics.

The company is now eyeing 10% revenue growth in 2026. It said that the five-year term loan facility will strengthen its balance sheet and provide increased flexibility going forward.

The initial tranche of $600 million, of three tranches, will be drawn upfront, the company said, followed by the option to avail $400 million through November 2027. The company can also draw another $500 million through November 2028 under the credit facility.

MRNA shares traded 2% higher in the pre-market session at the time of writing. 

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