Timothy Springer, the Harvard University medical professor, is making the headlines for some interesting reasons. In 2010, Springer became the 4th largest shareholder in Moderna, a US-based firm that was launching the largest IPO in biotech history.
The firm was founded by Springer’s fellow Harvard scientist, Derrick Rossi. With an investment of $5 million, Springer made a whopping $400 million in 2018 when Moderna went public.
With the COVID19 vaccine trial being conducted all over the world, Moderna once again was able to cash in the opportunity. Reportedly, Moderna has become the first company to put its vaccine in the clinic and recently nabbing a nearly $500 million contract from BARDA. According to the World Health Organization (WHO), there are about 70 vaccines in various stages of development at the moment.
With massive investments from all over the world for the vaccination, Moderna’s stock shot up 152% in three-and-a-half months. As reported by Bloomberg, Springers has shared that his investment in a friend’s startup is now worth over $800 million. Which brings his total net worth to $1 Billion now.
Springer has also said that he will be putting the money to good use. The majority of the amount will go to the Institute for Protein Innovation, an open-source hub he and colleague Andrew Kruse founded several years ago to design antibodies and other proteins as cures for intractable diseases.
