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Market Commentary: WSJ - Biotech Startup Moderna Drops an Underwriter Ahead of IPO
Biotech company Moderna Inc. has dropped an underwriter from its planned initial public offering because that firm made “unauthorized communications” about the offering, Moderna disclosed in a securities filing.
Moderna’s IPO has a $600 million proposed maximum offering amount and is set to be the largest on record for a U.S. biotech company.
Moderna, based in Cambridge, Mass., didn’t reveal the name of the underwriter or the nature of the communications in question, but it said that firm wouldn’t participate in the IPO. Only one of the 11 underwriters listed on Moderna’s November S-1 filing was missing from the new filing Tuesday: Bryan Garnier & Co., a European investment bank.
Moderna and Bryan Garnier representatives weren’t immediately available for comment.