Finance Watch: Moderna Launches Biggest Biopharma IPO Ever As US Market Resets Expectations

Public Company Edition: Moderna's $604m IPO launches as the US stock market is in decline and public biotechs are doing especially poorly. Also, as Shire acquisition closing moves near, Takeda firms up additional financing; and Global Blood, Theravance, Amarin capitalize on good news.

Finance Watch

Moderna Inc. launched the much anticipated, largest-ever drug developer initial public offering raising $604.3m on Dec. 6, but the IPO landed with a thud, reflecting ongoing unease in the US stock market, which has been particularly uncomfortable for biotechnology stocks.

The Cambridge, Mass.-based developer of messenger RNA (mRNA) therapeutics and vaccines sold 26.3m shares at $23 each, but saw its stock fall 19.1% on its first day of trading to close at $18.60 on Dec

More from Financing

Finance Watch: Funding Alternatives Become The Norm In Tough Public Markets

 
• By 

Public Company Edition: With fewer follow-on offerings, drug developers are pursuing other options. Axsome accessed up to $570m in debt, Evolus obtained $250m in a new credit facility and Abeona raised $155m from a PRV sale, but Apimeds was able to execute a small $13.5m IPO.

‘Market Developments’ Persuade Galapagos To Rethink Spin-Off

 

CEO Paul Stoffels exits early to be succeeded by Henry Gosebruch, who will now consider ‘all options’ for the Belgian firm as it tries to claw back investor confidence.

Azafaros Banks Over €130m To Advance Nizubaglustat Into Phase III

 
• By 

The therapy has been developed for GM1 and GM2 gangliosidoses and Niemann-Pick disease type C.

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By 

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

More from Business