See the 39-slide presentation that Moderna used to win over investors on its way to becoming the hottest company in biotech
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- We got ahold of the presentation that biotech upstart Moderna used to pitch investors in 2017.
- At the time, Moderna had already raised more than $1 billion. The startup went on to raise $500 million in early 2018, before going public in December 2018.
- This year, the upstart Massachusetts biotech became the first company in the world to test a coronavirus vaccine in people.
- The vaccine work has propelled Moderna to command a market value of $55 billion, one of the richest valuations in the biotech industry.
- Moderna’s COVID-19 shot was authorized by US regulators on Friday.
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Moderna has had a monumental year, transforming its business by developing a safe and highly effective coronavirus vaccine with record speed.
The Massachusetts biotech company started 2020 unknown to most people outside of the industry. Spurred by its vaccine work, Moderna has become a household name and its stock-market valuation has surged from $6 billion to about $55 billion.
The US Food and Drug Administration OK’d Moderna’s vaccine on Friday for emergency use. US officials plan to ship 5.9 million doses to more than 3,000 sites across the country in the following days. Overall, Moderna expects to produce 20 million doses in 2020 and somewhere between 500 million and 1 billion doses in 2021.
While most people hadn’t heard of the company until this year, Moderna didn’t come from nowhere. Ever since its founding in 2010, Moderna has pursued the lofty idea of developing a brand-new class of medicines based on messenger RNA.
mRNA is the genetic code that tells cells what proteins to produce. Until this pandemic, no mRNA vaccine had been proven to work in a large-scale study or authorized for widespread use. BioNTech and Pfizer are also using mRNA technology in their coronavirus vaccine.
The platform’s massive potential has wooed investors for years. Moderna CEO Stephane Bancel has said the company will either produce nothing or create dozens of drugs with the technology. That vision has led Moderna to raise massive amounts of capital as a private startup, including $450 million in 2015, $474 million in 2016, and $500 million in 2018.
Moderna’s December 2018 initial public offering raised $563 million at a $7.5 billion valuation, the largest-ever IPO raise in the biotech industry at the time.
Business Insider got its hands on a May 2017 pitch deck created by Moderna. It shows how Moderna pitched itself to investors years before it became one of the hottest companies in biotech. Moderna didn’t provide a comment for this story.