Moderna falls after unveiling $2 bln convertible debt plans
BUZZ-Moderna falls after unveiling $2 bln convertible debt plans ** Vaccine maker Moderna's MRNA.O shares down 5.2% premarket to $141.94 as it looks to raise capital
** Cambridge, Massachusetts-based MRNA announces private offering of $2 bln convertible bonds due 2032
** Co intends to use net offering proceeds for general corp purposes, including to grow its oncology business and to repay debt
** It also intends to use some proceeds to pay cost of capped calls, derivative transactions employed to help mitigate potential dilution
** Through Weds, MRNA's shares surged 173% this month in wake of news its skin cancer vaccine, combined with Merck's MRK.N Keytruda, reduced risk of recurrence and spread of melanoma in a late-stage trial
** MRNA stock up about 400% YTD for nearly $60 bln market cap as of last close
(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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