Messenger RNA is having a moment
The Covid-19 crisis has helped make 2020 an unprecedented year for biotech on Wall Street, but no company has benefited more than the ones invested in turning messenger RNA into medicine.
The latest evidence came from CureVac, which went public Friday by raising about $213 million at $16 a share. Those shares opened at $45, about three times their IPO value, and closed the day at nearly $56. That gave CureVac a market value of almost $10 billion.
And it shouldn’t have come as a surprise. Messenger RNA, or mRNA, has emerged as one of the most promising vaccine technologies, and Covid-19 has turned vaccines, once perceived as a low-margin business, into a high-profile biotech speciality. Since the start of the year, mRNA pioneer Moderna has seen its market value nearly quadruple, and the similarly focused BioNTech has roughly doubled.
Whether mRNA vaccines — let alone mRNA therapies — actually work remains to be seen, but a combination of scientific promise and market hype has turned CureVac’s core business into a superlatively attractive investment.
The latest evidence came from CureVac, which went public Friday by raising about $213 million at $16 a share. Those shares opened at $45, about three times their IPO value, and closed the day at nearly $56. That gave CureVac a market value of almost $10 billion.
And it shouldn’t have come as a surprise. Messenger RNA, or mRNA, has emerged as one of the most promising vaccine technologies, and Covid-19 has turned vaccines, once perceived as a low-margin business, into a high-profile biotech speciality. Since the start of the year, mRNA pioneer Moderna has seen its market value nearly quadruple, and the similarly focused BioNTech has roughly doubled.
Whether mRNA vaccines — let alone mRNA therapies — actually work remains to be seen, but a combination of scientific promise and market hype has turned CureVac’s core business into a superlatively attractive investment.
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