With an underwritten public offering of $1.25 billion in shares of common stock, Moderna, Inc. hopes to entice buyers to raise funds for the manufacturing of mRNA-1273, the company’s vaccine candidate for use on SARS-CoV-2 — the virus responsible for COVID-19.
Additionally, underwriters will be given a 30-day option to purchase up to $187.5 million in extra shares in connection with the public offering. All of this is subject to market and other conditions, the company notes, but Morgan Stanley will act as sole book-running manager for the offering.
This also is no guarantee Moderna’s vaccine will bear fruit, though early study results were promising. Results from a Phase 1 clinical trial — not yet peer reviewed — showed positive results among volunteers, meaning they developed neutralizing antibodies after taking the vaccine. Still, the money raised from this latest endeavor will go toward manufacturing mRNA-1273 for distribution both in the United States and beyond, regulatory approval notwithstanding. If any funds remain, they will be used to fund clinical development and drug discovery in existing and new therapeutic areas, further development of Moderna’s mRNA technology platform or working capital and other general corporate purposes.
The offering will be made only with a prospectus, which will be filed with the Securities and Exchange Commission.
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