Moderna to Sell $2 Billion Convertible Notes in Private Placement
Dow Jones
Aug 27
Moderna plans to sell $2 billion of convertible senior notes due 2032 in a private placement.
Moderna on Thursday said it will use proceeds from the sale for general purposes, which the Cambridge, Mass., vaccine maker said could include investing in its oncology business and debt repayment.
Moderna and partner Merck last week said an experimental mRNA-based vaccine succeeded in preventing cancer from coming back or spreading in a study of high-risk melanoma patients.
Shares of Moderna nearly tripled last Wednesday on the news, closing at a new three-year high of $174.38, but the stock has pulled back since then and was recently down 5.3% to $141.71 in premarket trading.
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