Moderna has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 21.74 million shares in the range of $22 to $24 a piece, with an overallotment option for an additional 3.26 million shares. At the maximum price, the entire offering is valued up to $600 million. The company intends to list its shares on the Nasdaq under the symbol MRNA.
The underwriters for the offering are Morgan Stanley, Goldman Sachs, JPMorgan, Merrill Lynch, Barclays, Piper Jaffray, Bryan Garnier, Oddo BHF, Oppenheimer, Needham and Chardan.
This company is creating a new category of transformative medicines based on messenger RNA (mRNA) to improve the lives of its patients. From the beginning, this firm has designed its strategy and operations to realize the full potential value and impact of mRNA over a long time horizon across a broad array of human diseases.
Since management nominated its first program in late 2014, the firm has advanced in parallel a diverse development pipeline of 21 programs, of which 10 have entered clinical studies and another three have open INDs. These therapeutic and vaccine development programs span infectious diseases, oncology, cardiovascular diseases and rare genetic diseases.
The company has assembled an exceptional team of roughly 680 employees and has established strategic alliances with leading biopharmaceutical companies, including AstraZeneca, Merck and Vertex Pharmaceuticals, as well as government-sponsored and private organizations focused on global health initiatives, including Biomedical Advanced Research and Development Authority (BARDA), Defense Advanced Research Projects Agency (DARPA) and the Bill & Melinda Gates Foundation.
As of September 30, 2018, the firm had raised over $2.6 billion in total funding from its strategic collaborators and investors, and it has cash, cash equivalents and investments of $1.2 billion.
The company intends to use the net proceeds from this offering to further develop its pipeline, as well as for working capital and general corporate purposes.