Finance Watch: Moderna Launches Biggest Biopharma IPO Ever As US Market Resets Expectations
Public Company Edition: Moderna's $604m IPO launches as the US stock market is in decline and public biotechs are doing especially poorly. Also, as Shire acquisition closing moves near, Takeda firms up additional financing; and Global Blood, Theravance, Amarin capitalize on good news.
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CureVac raised hundreds of millions of dollars this year before its $213m initial public offering as its mRNA vaccine technology moved into the COVID-19 spotlight. Its stock price tripled on its debut.
Public Company Edition: iTeos, Annexon, Nurix and Inozyme went public on 23 July and now CureVac has added its name to the IPO queue for what could be a large offering. Also, BioNTech raises $511.5m as COVID-19 vaccine progresses and PTC gets $650m from sale of risdiplam royalties.
Public Company Edition: Moderna leveraged its all-time high stock price to raise $1.34bn on the same day it reported data from a Phase I trial of its COVID-19 vaccine. Several other companies also took advantage of biopharma’s rising value.