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Moderna sets terms to raise $500 million in largest-ever biotech IPO

November 28, 2018

Moderna, a biotech developing therapies based on its modified mRNA platform, announced terms for its IPO on Wednesday. Moderna is expected to be the largest development-stage biotech ever to go public.

The Cambridge, MA-based company plans to raise $500 million by offering 21.7 million shares at a price range of $22 to $24. At the midpoint of the proposed range, Moderna would command a fully diluted market value of $8.0 billion. 

Moderna was founded in 2010 and booked $192 million in collaboration and grant revenue for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol MRNA. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Barclays, Piper Jaffray and Bryan, Garnier & Co are the joint bookrunners on the deal. It is expected to price during the week of December 3, 2018.