6:09 PM
 | 
Dec 06, 2018
 |  BC Extra  |  Financial News

Moderna sets IPO record with upsized $604M offering

Brushing aside market volatility that has led several biotechs to miss their desired valuations in recent weeks, Moderna Inc. (NASDAQ:MRNA) raised $604.3 million in an upsized IPO late Thursday through the sale of 26.3 million shares at $23. The deal, which values the mRNA company at $7.6 billion, sets the record for the largest NASDAQ IPO for a biotech.

The stock is expected to begin trading on Friday.

Moderna had proposed to sell 21.7 million shares at $22-$24 in the offering; at the mid-point, the company would have raised $500 million and been valued at about $7.5 billion.

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