Moderna raises $2 billion in convertible notes for cancer vaccine
Thu, August 27, 2026 at 3:20 PM GMT+3 1 min read
Moderna plans to raise $2 billion by selling convertible senior notes due 2032, with proceeds earmarked for its cancer vaccine business and debt repayment, the company said Thursday.
The Cambridge, Massachusetts-based biotechnology company structured the offering to include an option for purchasers to acquire up to $300 million more in notes, per a statement. Moderna stock fell 5% in premarket trading in New York after the announcement.
The offering follows a stunning 177% rally in Moderna's stock on Aug. 19 — which added $44.5 billion to its market capitalization in a single session — after the company reported encouraging data from a late-stage study of a personalized mRNA cancer vaccine co-developed with Merck & Co.
Because Moderna's stock remains elevated near last week's multi-year peak, the company is able to negotiate a higher conversion price on the notes. That higher conversion price translates to a smaller number of shares entering circulation should the notes eventually convert, which helps protect existing stockholders from dilution, according to Bloomberg.
It is common practice for companies to bring convertible offerings to market in the wake of a sharp share-price increase, securing advantageous borrowing conditions at a moment when demand from investors tends to be strong, according to Bloomberg.
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