Moderna Prices $2 Billion Convertible Notes Offering to Fund Cancer Vaccine Business After Intismeran Phase 3 Win
Moderna (NASDAQ: MRNA) announced Wednesday August 27, 2026 a private placement of $2 billion in convertible senior notes due 2032, with proceeds directed to the cancer vaccine business (led by intismeran autogene / mRNA-4157, the individualized neoantigen therapy that encodes up to 34 tumor-specific neoantigen peptides per patient) and to repay existing debt. The raise follows the Wednesday August 19 announcement that the Phase 3 INTerpath-001 melanoma trial of intismeran plus Keytruda met its primary endpoint of recurrence-free survival and key secondary endpoint of distant metastasis-free survival, which added roughly $44.5 billion in market cap to MRNA in a single session as shares surged 177%. Moderna is advancing intismeran in nine total Phase 2 and Phase 3 trials across melanoma, NSCLC, bladder cancer, and renal cell carcinoma, and the raise positions the company to accelerate manufacturing scale-out and expansion into new tumor types.