Moderna Therapeutics raises US $604M in IPO

Moderna Therapeutics raises US $604M in IPO

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Cambridge, Mass.-based Moderna Therapeutics, a biotech developing medicines based on messenger RNA, raised at least $604 million in its initial stock offering, after pricing shares at $23 each, the midpoint of the projected range. The offering sets an initial market capitalization over $7.5 billion and reportedly ranks as the largest-ever IPO of a development stage biotech company.

The previous record was set two months ago by Allogene Therapeutics, when it raised $324 million at a $2.2 billion market cap.

Last week Moderna refiled with the Securities and Exchange Commission (SEC), raising its goal for its initial public offering from $500 million to $600 million.

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Moderna Therapeutics raises US $604M in IPO <