Moderna, Inc. (NASDAQ:MRNA) stock is trading lower on Thursday after the company proposed a private placement of $2 billion of convertible senior notes due in 2032.
The company intends to channel the net proceeds toward expanding its oncology operations, paying down debt, and funding capped call transactions.
Earlier in August, Moderna stock soared after the company and Merck & Co Inc. (NYSE:MRK) shared topline data from individualized cancer therapy for advanced skin cancer.
The company released positive topline results from the Phase 3 INTerpath-001 trial of adjuvant treatment with intismeran autogene (intismeran; V940 or mRNA-4157) in combination with Keytruda (pembrolizumab), in patients with completely resected stage IIB-IV melanoma.
$2 Billion Private Placement
