Titled Molly and the Moon, the musical will see the actors star as the parents of a recently born baby that is fighting for its life and trying to make it into the world.
The story is based on a personal experience by How I Met Your Mother co-creator Craig Thomas. His son Elliot was born with Jacobsen Syndrome, a rare genetic condition that left him with several life-threatening heart defects.
The music is scripted and co-directed by Thomas and fellow How I Met You Mother creator Carter Bays.
Explaining how Elliot's experience inspired the idea for Molly and the Moon, Thomas told Deadline: "He was having a more mythic, epic journey that I had in my three decades of life, all in his first couple of weeks of life.
"Carter found himself wondering too, what is that little life going through in this plastic box [incubator]? What is Elliot thinking and feeling as he's lying there? You hear phrases like, 'Oh the surgery went well but he's not out of the woods yet, and we would wonder, what are the woods like, and how would you show them?"
Thomas went on to explain that, when they were unable to hold their baby in the first few weeks of his life, they would instead sing songs to him, including a lullaby that will feature in the musical.
Bell and Groff will play Kate and Brian in the film, and the songs they sing to their baby will act as the "North Star for Molly to find her way through a mythical world, toward the moon she instinctively feels is calling her".
Bays revealed that the film will be live action and capture the feel of classic fantasy movies such as Labyrinth and The Dark Crystal, with the story serving as a metaphor for a soul trying to make it into the world.
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