Moderna just pulled off the biggest biotech IPO in the industry’s history, selling an upsized 26.2 million shares at $23 each — the mid-point on its range — and setting the bar for the next big thing at $604 million.

The offering — a boost of 20% in the number of shares sold — sets Moderna’s market cap tonight at about $7.5 billion. And with a long list of underwriters, the greenshoe has yet to drop.

Now you can expect all eyes to turn to the trading tomorrow, to see if the biotech unicorn can survive a turbulent market and watch its shares trade higher. The betting — both ways — will be huge.


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