Wipro’s Azim Premji invested in US based firm Moderna
By MYBRANDBOOK
Wipro founder-chairman Azim Premji has been an investor in Moderna, the US-based biotech company that has emerged a front-runner to make a vaccine to fight the novel coronavirus, according to the familiar sources.
The investment happened via PremjiInvest, his private investment arm which manages billions of dollars in assets and is among the biggest family offices in India.
"PremjiInvest has been consciously looking at firms that work in the area of low-cost immunity, care and delivery. It has invested in five such firms in the US. They have a full-fledged team looking at this area. The investment in Moderna was done by their Boston team, which has a lot of technical expertise in this area," as per news source.
Moderna has raised hopes globally after its experimental vaccine showed signs that it can create an immune system response to fight the coronavirus. Its vaccine works by using messenger RNA or mRNA. Unlike a normal vaccine, RNA vaccines work by introducing an mRNA molecule coded to produce disease-specific antigens.
An early human trial on 45 patients showed that eight people who were injected with the mRNA produced antibodies similar to those in recovered patients. Moderna said the mRNA-1273 was generally safe and well-tolerated.
The company now plans to go ahead with phase 2 and a phase 3 stage. It also announced plans to raise $1.34 Billion through a public stock offering to make and distribute its mRNA-1273 vaccine. Sources said the fund has no plans for a follow on investment.
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