Biotech company Moderna files for an IPO

Moderna Inc. has filed for an initial public offering, seeking to sell $500 million worth of shares, according to a filing Friday. The Cambridge, Mass., biotech company listed Morgan Stanley, Goldman Sachs, and J.P. Morgan as among the underwriters. The company plans to list on the Nasdaq under the symbol MRNA. Moderna filed to list as an emerging growth company, which faces fewer regulatory requirements. The company said that as of Sept. 30 it has raised more than $2.6 billion in funding and has cash, cash equivalents, and investments around $1.2 billion. Moderna develops “transformative medicines” based on messenger RNA to treat infectious diseases, oncology, heart diseases, and rare genetic diseases, and its pipeline includes cancer and flu trial vaccines. “As we unlock the inherent advantages of mRNA, we aim to address as many diseases and impact as many patients as our technology, talent, and capital permit,” it said in its prospectus. Moderna listed a net loss of $258 million, or $1.79 a share, in the first nine months of the year, compared with a loss of $228 million, or $1.63 a share, in the same period of 2017.
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