By Patrick Wingrove

(Reuters) -Moderna said on Thursday it secured a five-year loan of $1.5 billion from Ares Management, as it targets up to 10% revenue growth next year.

The vaccine maker, which is expected to unveil strategy updates to analysts later on Thursday, said it will draw $600 million upfront, and will have optional access to $400 million through November 2027 and $500 million through November 2028.

Moderna President Stephen Hoge told Reuters the loan would give the company flexibility to fund business development or manage risk. “As we see opportunities to invest, whether in the company or other programs, we want to be able to do that without any questions,” he said.

Moderna has been struggling financially since its pandemic windfall, with revenue plunging from $18.4 billi

See Full Page