Max Nisen, Columnist

Moderna’s Rich IPO Valuation Raises the Stakes for Investors

The biotech firm is burning cash like mad, and it will be years before it has a product on the market.

December 7, 2018 at 5:20 PM UTC

Max Nisen is a healthcare analyst at Bloomberg Intelligence. He previously wrote for Bloomberg Opinion, Quartz and Business Insider.

The ratio of big promises to actual data is pretty extreme.
Photographer: Adam Glanzman/Bloomberg

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Moderna Inc. could have picked a better time to go public.

But in the teeth of a difficult market, the Cambridge, Massachusetts-based biotech pulled off the sector’s biggest-ever IPO on Thursday, raising more than $600 million at a rich $7.5 billion valuation. Its shares were priced at $23 each, at the midpoint of the expected range.