Moderna Prices Its $1.3 Billion Share Sale to Fund Virus Vaccine
Moderna Inc. plans to raise as much as $1.3 billion through a sale of shares to fund manufacturing of a coronavirus vaccine seen as one of the frontrunners in the race for immunization against the widening pandemic.
The U.S. biotechnology firm will sell 17.6 million shares priced at $76 a piece, according to a statement Tuesday. The price represents a 5% discount to Monday’s closing price.
Morgan Stanley is the sole book-running manager for the offering that allows underwriters to buy an additional 2.64 million shares, the statement said. Bloomberg reported the share sale plan earlier.
Shares jumped 20% on Monday after the company revealed positive early results from its experimental vaccine for Covid-19, capping off a 309% rally this year.
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