According to the lawsuit, Metagenomi introduced itself to investors during its IPO as a “genetic medicines company” having a long-standing business relationship with Moderna, one of the leading Covid-19 vaccine companies. Integral to Metagenomi’s collaboration with Moderna was the claim that the two companies had entered into a Strategic Collaboration and License Agreement on October 29, 2021, which included multiple four-year research programs and a subsequent licensed product-by-licensed product agreement. Metagenomi completed its initial public offering on February 13, 2024, selling 6.25 million shares at $15 per share. However, less than three months later, on May 1, 2024, Metagenomi announced that it and Moderna had “mutually agreed to terminate their collaboration” agreement.
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