The president of the company headed for the biggest IPO in biotech history has a surprisingly large pay package
Moderna Therapeutics, a buzzy startup with a $7 billion private valuation , filed paperwork on Friday to go public.
According to a regulatory filing, Moderna President Dr. Stephen Hoge has a compensation package worth almost $24 million, rivaling the paychecks of some of big pharma's most high-profile CEOs.
One of the highest valued private companies in biotech is finally going public.
Moderna Therapeutics, a company developing treatments based on messenger RNA, has racked up a private valuation of $7 billion. On Friday, it filed with the Securities and Exchange Commission to go public and raise $500 million.
Read more: A biotech unicorn valued at more than $7 billion just took a big step towards going public
Among the disclosures in Moderna's S-1 filing was the compensation for some of the company's top executives.
Noticeably, Moderna's president, Dr. Stephen Hoge, had a compensation package worth almost $24 million in 2017, according to the filing. That included a salary of $542,308, a $4,400,000 bonus, and $19,000,000 in stock options.
In comparison, Moderna CEO Stéphane Bancel made $6.8 million in 2017, while Moderna CFO Dr. Lorence Kim made $9.3 million.
Hoge, 42, joined Moderna in 2013 and became president in 2015. Hoge got his MD at the University of California, San Francisco and worked at McKinsey & Co. from 2005 to 2012.
Hoge's compensation package rivals the paychecks of CEOs like Pfizer's Ian Read, who made $27.9 million in 2017 and Regeneron CEO Len Schleifer, who made $26.5 million that year.
Zach Tracer contributed reporting.
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