Biotechnology company Moderna Inc (Nasdaq:MRNA) said on Tuesday that it has priced a public offering of 26,315,790 common stock.

All shares of common stock are being offered by the company at a public offering price of USD19.00 per share, before underwriting discounts and commissions, for gross proceeds of approximately USD500m.

The company has provided the underwriters with a 30-day option to purchase up to an additional 3,947,368 shares of common stock at the public offering price, less underwriting discounts and commissions.

This offering is expected to close on or about February 14, 2020, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co LLC and Morgan Stanley & Co LLC are acting as joint book-running managers for the offering.

Moderna said it is pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines for patients