Founded in 2010, Moderna uses messenger RNA to develops drugs for the treatment of infectious diseases, genetic disorders, cancer and cardiovascular diseases. The company's significant stockholders include Flagship Pioneering (19.5% pre-IPO stake) and AstraZeneca (8.4%). Morgan Stanley, Goldman Sachs and JP Morgan are acting as the lead underwriters for the IPO.
Moderna is the most valuable VC-backed business in Massachusetts, per PitchBook data. It has raised around $1.6 billion in total venture funding, including a $125 million round in May from the VC arm of Merck that valued it at over $7 billion. That funding is part of a continued partnership between the companies, which are working together to develop a personalized cancer vaccine. Moderna's other backers include Sequoia Capital China, ArrowMark Partners and EDBI.
Here's a closer look at the Cambridge, MA-based company's full VC funding and valuation history:
Moderna joins a slew of biotech companies who made the leap to the public markets in 2018. Allogene Therapeutics, a developer of drugs used to treat blood cancers and solid tumors, raised $324 million in its IPO in October. The company's backers include Two River Group, TPG Capital and Pfizer. Homology Medicines, a biopharma focused on gene editing and gene therapy, brought in $144 million with its March IPO, after gathering $127 million in VC backing from investors including Maverick Ventures, Novartis and Rock Springs Capital. And ARMO BioSciences raised $128 million at the beginning of the year when it debuted on the NASDAQ. The immuno-oncology company had received prior VC funding from Qiming Venture Partners, Sequoia and Kleiner Perkins, reaching a valuation of $273 million in August 2017.