Moderna, one of the frontrunners in the race to develop a Covid-19 vaccine, is expecting to raise $1.3bn in a public offering of 17.6 million shares at $76 each.

The public offering is expected to close on 21 May following the completion of customary conditions. It took only hours for Moderna to decide the pricing of the public offering.

This announcement comes hot on the heels of postive interim Phase I data Moderna published yesterday.