Moderna raises over $600 million via IPO

Moderna raised more than $600 million via its initial public offering after selling nearly 26.3 million shares at $23 a piece, giving the company a market value of almost $7.9 billion. The drugmaker said last month that it planned to sell 21.7 million shares at between $22 and $24. Meanwhile, shares in the company fell as much as 19 percent after their debut. 

The company, which will trade on the Nasdaq under the ticker symbol MRNA, plans to use the majority of the funds for drug discovery and clinical development, with some also going towards further development of its mRNA technology platform. Moderna raised $500 million in private funding in February, when the drugmaker was valued at about $7 billion.

Analysts suggested that the size and high price of the IPO may have negatively influenced its performance. Commenting on the news, Wedbush Securities analyst David Nierengarten, who previously argued that Moderna's valuation was "disproportionately high relative to the stage of development," remarked that the IPO "was too aggressive."  

Moderna, which was established in 2010, is developing messenger RNA therapeutics and vaccines, with 21 programmes in its pipeline, including one in a Phase II study.





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