5
Broke Offer
AFTER ITS SHORT FLIGHT FROM NEW YORK, STEPHEN HOGE’S plane landed at Boston’s Logan Airport and taxied toward a gate on a cold Friday in December 2018. Like virtually everyone does when a plane lands now, he checked his phone.
“What a gut punch,” he thought. “What did we do wrong?”
The night before, Hoge was in Manhattan, celebrating with the company’s executive team and board members and with investment bankers who helped prepare Moderna to go public. There was elation; it was one of the biggest-ever initial public offerings for a biotech company, and a moment it had taken nearly a decade to achieve. Of course, it would lock in a fair amount of wealth for some of Moderna’s employees and early investors, as IPOs do. But Moderna’s ...
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