The biotech Moderna has skyrocketed to global prominence, leading the world’s race for a coronavirus vaccine.
The Cambridge, Massachusetts-based biotech was founded in 2010 with the ambitious goal to develop a new type of medicine. While its platform remains unproven, it is now being tested under the brightest possible spotlight of a pandemic.
Here’s the inside story of Moderna’s rise, from an offshoot of stem cell research to routinely shattering funding records on its way to biotech’s top ranks.
The biotech has spent a decade working to meet this moment, and investors have sent its stock soaring to a valuation of almost $30 billion. The next few months will be a defining period for the future of Moderna.
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In its short corporate history, Moderna has grown accustomed to breaking records.
A $450 million funding round in 2015 was a record for the biotech industry. Moderna raised even more the next year. And its 2018 initial public offering was the largest ever for a biotech.
Then, this year, the coronavirus struck. Moderna lapped the drug industry in crafting a coronavirus vaccine candidate, zooming past Big Pharma competitors that dwarf the company in size and resources.
Moderna’s …read more
Source:: Businessinsider – Tech