- Timothy Springer, a medical professor at Harvard University, saw his net worth pass the $US1 billion threshold this week as his early stake in biotech firm Moderna soared, Bloomberg reported Wednesday.
- The professor invested $US5 million in the company early on, and the stake’s value has since swelled to more than $US800 million.
- Moderna shares have more than doubled in the year-to-date as its experimental vaccine to combat coronavirus moved to human trials and received more than $US400 million in funding from the US government.
- Watch Moderna trade live here.
The company is among the few to advance to human trials for treating the coronavirus pandemic and related COVID-19 disease. Springer invested $US5 million in Moderna before it went public in 2018, and the firm’s success has since seen his stake’s value balloon to more than $US800 million, according to Bloomberg.
A small group of scientists, executives, and investors minted extraordinary gains in the biotech sector as the coronavirus outbreak escalated to a severe pandemic. Those with stakes in Moderna saw their net worth surge the most, followed by those invested in Novavax and Gilead.
Moderna shares traded at $US50.39 per share as of 11:20 a.m. ET Thursday, up about 162% year-to-date. Tuesday’s
The biotech company recently received more than $US400 million in funding from the Department of Health and Human Services to develop its coronavirus vaccine, mRNA-1273.
The windfall isn’t Springer’s first. The professor made roughly $US100 million in 1999 when his first business was acquired by Millennium Pharmaceuticals.
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