Investors including co-founder and Harvard professor Timothy Springer scored exits as mRNA therapy developer Moderna floated in the largest biotech IPO of all time.
Moderna, a US-based messenger RNA (mRNA) therapeutics developer exploiting research conducted at Harvard University, raised approximately $604m in its initial public offering last Friday.
The IPO, the largest ever for a biotech company, consisted of almost 26.3 million shares issued on the Nasdaq Global Select Market priced at $23.00 each, up from 21.7 million shares when it set a $22 to $24 range late last month. The offering valued it at approximately $7.52bn.
Moderna is working on mRNA drugs and vaccines, and has advanced 21 product candidates into development, 10 of which have gone into clinical studies. The spinout is based on research originally conducted by Derrick Rossi, associate professor in the pathology department at Harvard Medical School.
Rossi co-founded Moderna with fellow faculty member Timothy Springer as well as Kenneth Chien, a professor in Karolinska Institute’s department of medicine, Robert Langer, institute professor at…
