Moderna announced that it has commenced an underwritten public offering of $1.25B in shares of common stock. Moderna expects to use the net proceeds of the offering to fund working capital needs related to the manufacturing of mRNA-1273, its vaccine candidate against the novel coronavirus, for distribution in the United States and outside the United States, assuming necessary regulatory approvals are obtained, and the remainder, if any, to fund clinical development and drug discovery in existing and new therapeutic areas; to fund further development of its mRNA technology platform and the creation of new modalities; or to fund working capital and other general corporate purposes. Morgan Stanley is acting as sole book-running manager for the offering. Shares of Moderna are down 2.3% to $78.15 in after-hours trading.
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