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Moderna To Sell $1.25 Bln Shares After Positive News On COVID-19 Vaccine

Moderna Inc. (MRNA) Monday announced plans to sell $1.25 billion shares in a new public offering, just hours after announcing positive results of a study of its potential COVID-19 vaccine.

Moderna expects to use the proceeds to fund working capital needs related to the manufacturing of mRNA-1273, its vaccine candidate against the novel coronavirus (SARS-CoV-2), for distribution in the US and outside the country, if it can receive regulatory approvals.

Moderna announced Monday morning that a phase 1 study of its vaccine was able to produce COVID-19 antibodies.

"With today's positive interim Phase 1 data and the positive data in the mouse challenge model, the Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July and, if successful, file a BLA," said CEO Stephane Bancel.

Moderna expects to grant the underwriters a 30-day option to purchase up to an additional $187.5 million in shares. Morgan Stanley is acting as sole book-running manager for the offering.

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