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Moderna Had the Biggest Biotech IPO Ever. Here's What That Says About the Industry's Future
6 days ago - By Fortune
Amid a rocky market that's whipsawed on a near-daily basis, Moderna Therapeutics pulled off the improbable late Thursday: An historic IPO in which it raised more than $600 million. At a price of $23 per share, Moderna sold more than 26 million shares, setting up an approximately $7.5 billion valuation (although, amid the overall market turbulence and some important questions about the company , Moderna stock still fell nearly 20% in Friday afternoon trading).
Moderna's $604 million IPO raise is the biggest in biotech history (the firm had originally aimed for a $500 million raise before...
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