Moderna’s $604 Million Initial Public Offering

Goodwin advised Moderna on its $604 million initial public offering.

Moderna, Inc. (Nasdaq: MRNA), a clinical stage biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines for patients, priced its initial public offering of 26,275,993 shares of common stock at a public offering price of $23.00 per share, before underwriting discounts and commissions. Moderna’s common stock is expected to begin trading on The Nasdaq Global Select Market on December 7, 2018 under the ticker symbol “MRNA.” All of the common stock is being offered by Moderna. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Moderna, are expected to be $604.3 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on December 11, 2018, subject to satisfaction of customary closing conditions. Moderna has granted the underwriters a 30-day option to purchase up to an additional 3,941,398 shares of Moderna’s common stock at the initial public offering price, less underwriting discounts and commissions.

Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint lead book-running managers for the offering. BofA Merrill Lynch, Barclays Capital Inc. and Piper Jaffray & Co. are acting as book-running managers for the offering. Oddo BHF SCA, Oppenheimer & Co. Inc., Needham & Company, LLC and Chardan are acting as co-managers for the offering.

The Goodwin team was led by partners Stuart Cable (Picture), Kingsley Taft and Gregg Katz, and included partners Deborah Birnbach, Brian Fairchild, Dan Karelitz, Jim Matarese, Carl Metzger, Edwin O’Connor, Sarah Solomon and Scott Webster, counsel Stephanie Philbin, and associates Patricia Mets, Grace Wirth, Erini Svokos, Amoli Pandya, Sarah Smith, Megan Gustafson, Steven Tjoe, Humza Bokhari, Nick Reist and Fabiola Valenzuela.

Involved fees earner: Humza Bokhari – Goodwin Procter; Stuart Cable – Goodwin Procter; Deborah Birnbach – Goodwin Procter; Brian Fairchild – Goodwin Procter; Megan Gustafson – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Gregg Katz – Goodwin Procter; James Matarese – Goodwin Procter; Patricia Mets – Goodwin Procter; Carl Metzger – Goodwin Procter; Edwin O’Connor – Goodwin Procter; Amoli Pandya – Goodwin Procter; Stephanie Philbin – Goodwin Procter; Sarah Smith – Goodwin Procter; Sarah Solomon – Goodwin Procter; Erini Svokos – Goodwin Procter; Kingsley Taft – Goodwin Procter; Steven Tjoe – Goodwin Procter; Fabiola Valenzuela – Goodwin Procter; Scott Webster – Goodwin Procter; Grace Wirth – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Moderna Inc.;

Author: Ambrogio Visconti