Moderna rises after upsized $2.6 bln convertible bond sale
BUZZ-Moderna rises after upsized $2.6 bln convertible bond sale ** Biotech firm Moderna's MRNA.O shares up 1.2% at $144.50 before the bell on Fri after it raises more capital than planned
** Cambridge, Massachusetts-based MRNA announces pricing private offering of $2.6 bln 0% convertible bonds due March 1 2032
** Conversion price of $210.58 represents 47.5% premium over stock's last close of $142.77
** MRNA shares finished down 4.6% on Thurs after co unveiled $2 bln offering for general corp purposes, including to grow its oncology business and repay debt
** Co expects to use approx $285 mln of net proceeds to pay cost of capped call transactions; cap price of $392.62 is 175% above stock's last sale
** On Aug 19, MRNA shares soared 177% to $174.38, a 3-1/2 year high, after co said its skin cancer vaccine, combined with Merck's MRK.N Keytruda, reduced risk of recurrence and spread of melanoma in a late-stage trial
** Through Thurs, MRNA shares up 384% YTD
** Avg rating of 23 analysts is "hold"; median PT $122.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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