BRIEF—Record-breaking $600 million IPO for Moderna

Messenger RNA specialist Moderna Therapeutics raised more than $600 million in its IPO on Thursday, in line with analysts’ expectations, valuing the firm at $7.5 billion.

Shares in the company fell almost 20% the following day, amid wider market sell offs.

Founded in 2010, Moderna has 21 candidates in development, including 10 in early clinical testing. The firm’s pipeline includes development candidates for mRNA-based vaccines and therapies across multiple therapeutic areas.