Private ambition

BB Biotech AG (SIX:BION; Xetra:BBZA) made a rare private investment in Moderna Therapeutics Inc.’s $500 million series G round and wants to see clinical proof-of-concept data from at least one rare liver disease asset before the mRNA company taps the public market.

“Before Moderna, we were 100% in the public space,” noted BB Biotech’s Christian Koch, who said the firm invests selectively in private and crossover rounds for companies with “disruptive potential” and a clear path to an IPO. ...