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Moderna Inc., a biotech company catapulted to fame after producing a highly effective COVID-19 vaccine, is set to join the S&P 500 Index, a seal of approval that will place the stock in countless index and actively managed funds and retirement accounts.
Moderna MRNA actions,
rose 8% in the extended session Thursday after the announcement. The stock has gained 149% this year, compared to gains of 16% for the S&P 500 SPX,
in the same period.
Moderna will replace Alexion Pharmaceuticals Inc. ALXN,
At the opening on July 21, S&P Dow Jones Indices, the manager of the index, said in a statement.
Moderna, in the Boston area, was a relatively unknown rambling biotech startup before its successful COVID-19 vaccine, approved last year in the United States on an emergency basis for adults. The cliché, like that of Pfizer Inc. PFE,
uses messenger RNA technology. Both vaccines have been shown to be over 90% effective.
AstraZeneca Plc. AZN,
which has also developed a COVID-19 vaccine alongside the University of Oxford, is buying Alexion and the $ 39 billion deal is expected to close soon. The companies announced the deal in December.
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