Moderna, Inc. Company profile
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Moderna (MRNA) is a North American clinical-stage biotechnology company. Headquartered in Cambridge, Massachusetts, it specialises in drug discovery and development, as well as vaccine technologies based on messenger RNA (mRNA). The company is working on therapeutics and vaccines for infectious, autoimmune, immuno-oncology and cardiovascular diseases.
Moderna has a number of strategic partnerships with industry-leading names, such as Vertex Pharmaceuticals (VRTX), AstraZeneca (AZN) and Merck & Co (MRK). In 2020, it also worked with Lonza Group (LONN) and Catalent (CTLT) to manufacture its Covid-19 vaccine candidate mRNA-1273. At the end of 2020, the company had 12 programmes in clinical trials and a total of 23 development candidates.
Moderna shares are listed on the Nasdaq Stock Market under the ticker symbol MRNA. The company is a constituent of the US Tech 100 Index.
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The company was founded in 2010 as Moderna Therapeutics, with the goal of commercialising the research of stem-cell biologist Derrick Rossi. Apart from Rossi, Moderna’s co-founders were Noubar Afeyan, Robert Langer and Kenneth Chien. In August 2018, the company’s name was changed to Moderna.
In November 2020, Moderna’s Covid-19 vaccine candidate, mRNA-1273, showed preliminary evidence of 94.1 per cent efficacy in preventing the disease in a Phase 3 trial. The results led to its submission for emergency use authorisation in the US, Canada and Europe.
In late November, the EU made a deal with Moderna for up to 160 million doses of its vaccine. In December, the US government exercised its option to buy an additional 100 million doses of Moderna’s mRNA-1273, bringing the confirmed order commitment to 200 million doses.
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Moderna’s long-awaited initial public offering (IPO) happened in December 2018, with the firm selling 26.3 million shares priced at $23 each. At the time, it was the biggest biotech IPO ever. Moderna raised over $600m, valuing the company at $7.5bn (£5.6bn, €6.2bn).
In 2020, MRNA stock has been one of the US market’s best performers. This was due to rising investor enthusiasm over the company’s promising Covid-19 vaccine candidate. After opening the year at $19.57, the MRNA share price was on a hike, peaking at $94.85 in mid July. Within a month, it had dropped to $54.23, but then the stock gained another upside momentum, with its price surging past $100 on November 16. On December 8, the stock closed the trading day at $169.86, representing a year-to-date gain of nearly 770 per cent.
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