Moderna Therapeutics has set terms for its upcoming IPO, with plans to offer 21.7 million shares at between $22 and $24 apiece on the NASDAQ under the ticker symbol MRNA. The public debut could raise up to $521.7 million, which would make it the largest IPO ever for a VC-backed biotech in the US, per PitchBook data.
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.
Learn more about our editorial standards.
