The president of the company headed for the biggest IPO in biotech history has a surprisingly large pay package

Moderna President Dr. Stephen Hoge

  • 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 most 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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Source: Business insider

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