BRIEF—Moderna sets terms for massive IPO

Massachusetts, USA-based Moderna Therapeutics has set terms for its upcoming initial public offering (IPO), with plans to offer 21.7 million shares at between $22 and $24 each on the Nasdaq market under the ticker symbol MRNA.

The public debut could raise up to $521.7 million, which would make it the largest IPO ever for a VC-backed biotech in the USA, according to PitchBook data.

Moderna is expected to be the largest development-stage biotech ever to go public, valuing the company at about $7.8 billion at the top end of the pricing range.

Founded in 2011, Moderna uses messenger RNA to develop drugs for the treatment of infectious diseases, genetic disorders, cancer and cardiovascular diseases.

The company's significant stockholders include Flagship Pioneering (19.5% pre-IPO stake) and AstraZeneca (8.4%).