Vaccine maker Moderna's MRNA.O shares were down 5.2% premarket to $141.94 as it looks to raise capital.
Cambridge, Massachusetts-based MRNA announced a private offering of $2 bln convertible bonds due 2032.
The company intends to use net offering proceeds for general corporate purposes, including to grow its oncology business and to repay debt.
It also intends to use some proceeds to pay cost of capped calls, derivative transactions employed to help mitigate potential dilution.
Stock has surged this month on melanoma vaccine news
Through Wednesday, MRNA's shares had surged 173% this month in wake of news its skin cancer vaccine, combined with Merck's MRK.N Keytruda, reduced risk of recurrence and spread of melanoma in a late-stage trial.
MRNA stock was up about 400% year to date for nearly $60 bln market cap as of last close.
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