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