Flagship Pioneering, investor in Moderna raises $3.4 billion funds

Flagship Pioneering, the bioplatform company, and the venture capital investor in Moderna, today announced that it had raised additional funding of $2.23 billion, which brings its total funds to $3.37 billion.

Flagship re-opened its Fund VII in April to current Limited Partners and a select group of new investors to support its next generation of human health and sustainability companies.

The pharmaceutical industry is attracting a lot of investment with many early-stage companies vying to make treatments and vaccines to tackle Covid-19.

Biotechnology Moderna Flagship Pioneering

Flagship Pioneering’s modus operandi was to provide a biotech platform for building technologies that could be used in a range of illnesses rather than focusing on research on one particular disease.

Noubar Afeyan, the founder of Flagship Pioneering, said: “The expanded capital base is going to allow us to . . . conduct pioneering science, company creation and growth all under one roof.” He added, “Biotechnology is at the leading edge of technological progress, challenging us to think beyond incremental advances and take big leaps – and Flagship Pioneering is focused on actively leaping to the scientific spaces ripe for disruption.”

The company plans to use the cash over the next three years. Flagship now has an aggregate capital pool of $6.7 billion, with $14.1 billion assets under management.

Stephen Berenson, Managing Partner, Flagship Pioneering, said Flagship plans to support first-in-category platform companies, spanning human therapeutics, agriculture, and nutrition. The company also plans to invest in Preemptive Medicine and Health Security Initiative.

The Massachusetts-based company believes in developing technologies and establishing companies in-house. Teams are built around one specific area of expertise, and then when some concrete research develops, the division is hived off to form independent companies.

“It’s not in the traditional sense of the word an investment fund . . . none of what we do comes from outside,” Afeyan, who founded Flagship in 2000, told the Financial Times. “It is dedicated to advance each and every bio platform that we invent in-house.”

Flagship established Moderna in 2010 with the aim of developing mRNA therapeutics. Moderna has sold $1.7bn worth of Covid jabs in the first three months of the year and its share price has rocketed more than 1,000 percent since the start of 2020. Afeyan said Flagship believes in “an unbounded attempt to create scientific advances coupled with product advances”. He said that developing vaccines at Moderna began by asking “if we could use a code molecule or some kind of a molecule that could instruct the body to make any drug we wanted”.

Afeyan said Flagship’s modus operandi was to provide a biotech platform for building technologies that could be used in a range of illnesses rather than focusing on research on one particular disease.

Moderna is currently carrying out phase 1 trials of its mRNA technology on HIV and flu. Afeyan said. “Underlying health conditions made this pandemic the devastation that it was because there were all these underlying health comorbidities that made it worse,” he said. “We think we’re going to see a world in the future where we’re going to be able to intervene before diseases manifest.”

Flagship has filed for more than 300 patent applications from Flagship Labs and its companies have 53 clinical programs and 150 pre-clinical programs currently underway.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Strong iPhone 12 sales could boost Apple’s Q3 2021 earnings

Strong iPhone 12 sales could boost Apple’s Q3 2021 earnings

Will Apple manage to post solid earnings in Q3 2021? Here’s what Wall Street’s top analysts have to say ahead of Apple’s Q3 2021 earnings report today.
1 hour ago
Tesla earnings top $1 billion for the first time

Tesla earnings top $1 billion for the first time

Tesla earnings not only blew past analyst expectations but also marked the first time the automaker’s quarterly profit joined the three-comma club.
3 hours ago
Elon Musk tweet pushes Dogecoin prices up again

Elon Musk tweet pushes Dogecoin prices up again

Dogecoin was launched as a joke in 2013. The cryptocurrency is up a staggering 6,000% compared to last year’s prices due to wild speculations.
4 hours ago
Amazon to hire a crypto lead, may soon accept payments in cryptocurrency

Amazon to hire a crypto lead, may soon accept payments in cryptocurrency

The product lead will develop the full marketing strategy from customer experience to technical development to launching it.
1 day ago
Billionaire CEO Elon Musk Shares the Brutal Truth about Life as an Entrepreneur

Billionaire CEO Elon Musk Shares the Brutal Truth about Life as an Entrepreneur

“I would say I’ve had some pretty tough life experiences and Tesla’s probably responsible for two-thirds of all personal and professional pain combined, to give you a sense o
2 days ago
AT&T, Airbnb & UPS among firms to face Akamai’s global outage

AT&T, Airbnb & UPS among firms to face Akamai’s global outage

Global outage causes Akamai Technologies to re-think cyber securities.
4 days ago