Here comes biotech’s biggest IPO

Stocks are tumbling; the Dow is in pain; and no one’s quite sure whether a trade war is afoot. What better time to go public?

Moderna Therapeutics is trying to raise $500 million amid all those gloomy chyrons and distressed traders. And the company will probably succeed, according to investors who spoke to STAT, regardless of the broader market.

But the bigger test lies ahead. Moderna still hasn’t produced the clinical data needed to win over specialists, and it’s staring down what looks like a quiet year, which could make it difficult to preserve that multibillion-dollar valuation.

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