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Analysis

Moderna’s gamble: what’s behind biotech’s biggest-ever IPO?

US-based Moderna Therapeutics raised more than $600m in the biotech industry’s largest IPO. The company creates synthetic mRNA, which is injected into patients so they can create their own therapeutic proteins. Despite having no products on the market, and little clinical data to support the hype, Moderna has built to a mammoth valuation of more than $7bn. But can the firm deliver on its lofty goals?

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