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Moderna prices new shares at $76, expects to raise $1.34 billion

Moderna stock

Moderna prices new shares at $76, expects to raise $1.34 billion

The company said it expects the offering to close around Thursday, with gross proceeds totaling around $1.34 billion.

Moderna prices new shares at $76, expects to raise $1.34 billion

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MenuSEARCH QUOTESMenuModerna prices new shares at $76, expects to raise $1.34 billionPublished Mon, May 18 20205:28 PM EDTUpdated an hour agoKey PointsModerna said it also expects to grant the underwriters a 30-day option to buy up to 2.64 million shares in common stock in connection with the public offering. The announcement comes after the company reported positive data on its early-stage human trial for a coronavirus vaccine earlier on Monday.It hopes to primarily use the net proceeds of the offering to fund the manufacturing and distribution of its vaccine candidate, mRNA-1273, when necessary regulatory approvals are obtained.VIDEO6:2606:26Will be a long road ahead for Moderna: Former FDA commissioner

Biotech company , which is testing one of the leading coronavirus vaccine candidates, , the company said late Monday.

The company said it expects the offering to close around Thursday, with gross proceeds totaling around $1.34 billion. Moderna is also giving the underwriters a 30-day option to buy up to an additional 2.64 million shares in common stock. Morgan Stanley is the running the deal.

The announcement comes after Moderna  on its early-stage human trial for a Covid-19 vaccine earlier Monday. The closely watched vaccine trial produced Covid-19 antibodies in all 45 participants, sending the company's stock surging nearly 20% to close at $80 a share.

In a previous statement, Moderna said it expects to primarily use proceeds from the offering to fund the manufacturing and distribution of its vaccine candidate, mRNA-1273 once it's approved by federal regulators.

If there are any remaining proceeds, the company hopes “to fund clinical development and drug discovery in existing and new therapeutic areas; to fund further development of its mRNA technology platform and the creation of new modalities; or to fund working capital and other general corporate purposes.”

— CNBC's Christine Wang contributed to this report.

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