(Reuters) - Biotech company Moderna Inc said on Wednesday it expected to raise up to $521.7 million in its initial public offering, valuing the company at about $7.8 billion at the top end of the pricing range.
The company expects its offering of 21.7 million shares to be priced between $22 and $24 per share, Moderna said in a filing (bit.ly/2FLA1dW).
The company, which develops drugs based on molecules known as messenger RNAs, said it intends to use a major portion of the net proceeds on drug discovery and development.
Founded in 2010, the Cambridge, Massachusetts-based company plans to list on the Nasdaq under the ticker “MRNA”.
Morgan Stanley & Co LLC, Goldman Sachs & Co LLC and J.P. Morgan Securities LLC are leading a 11-member underwriting team for the IPO.
Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D'Silva