Moderna taps red hot stock demand with $1.34B offering
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Monday was a banner day for for the Massachusetts-based biotech company Moderna.
The company announced that an experimental vaccine against the coronavirus showed encouraging results in very early testing and later in the day announced the pricing for a share offering.
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Moderna announced the pricing of 17.6 million shares at $76.00 each, with underwriters having 30 days to purchase more than another 2.6 million shares.
Gross proceeds from the offering will be about $1.34 billion, topping the company's stated goal of $1.25 billion.
MODERNA'S EXPERIMENTAL CORONAVIRUS VACCINE SHOWS PROMISE IN EARLY-STAGE STUDY
The offering will close on May 21.
Morgan Stanley is acting as sole book-running manager for the offering.
The news of the vaccine testing boosted the company's share price by more than 19 percent in Monday's session and in turn helped trigger an even wider equity rally.
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In the next phase of the study, led by the U.S. National Institutes of Health, researchers will try to determine which dose is best for a definitive experiment that they aim to start in July.
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