Nov 9, 2018

Moderna files for what could be largest IPO for a biotech startup

Illustration: Rebecca Zisser/Axios

Moderna Therapeutics, a Massachusetts startup that wants to revolutionize drug manufacturing, on Friday filed for what could be the largest-ever IPO for a biotech startup.

The bottom line: Moderna creates synthetic mRNA, which is injected into patients so they can create their own therapies. It's an entirely new way to think about making medicine, and it also could lend itself to a modular approach whereby it doesn't need different facilities for different products.

  • Moderna filed to raise $500 million and reports a $243 million net loss on around $100 million in revenue for the first nine months of 2018.
  • It plans to trade on the Nasdaq under ticker symbol MRNA.
  • Morgan Stanley is lead underwriter, but 10 other investment banks are also listed.

The company has raised nearly $2 billion in venture capital funding, most recently at a $7.5 billion valuation.

  • Shareholders include Flagship Pioneering, AstraZeneca, Abu Dhabi Investment Authority, BB Biotech, Julius Baer, EDBI, Sequoia Capital China, Fidelity, Pictet, Viking Global Investors, ArrowMark Partners and Alexandria Venture Investments.

Its goal is to be involved in treatments for infectious diseases, immuno-oncology and rare diseases.

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Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

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The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. South Korea has the most cases outside China, with 1,595 infections confirmed by Wednesday night. Europe's biggest outbreak is in Italy, where 453 cases have been confirmed.

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Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Milwaukee Molson Coors brewery complex on Wednesday, including the shooter, Mayor Tom Barrett told reporters at an evening press conference with local police.

What's happening: Police said "there is no active threat" just before 6 pm ET, but noted the scene remains active. Police chief Alfonso Morales told reporters that officers have "more than 20 buildings we have to secure" at the complex and they do not currently have all employees accounted for, as more than 1,000 were at the complex during the shooting.

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