Work on RNA-based drugs and vaccines had been progressing quietly for some two decades. Then, when COVID-19 struck, it became an overnight sensation, attracting the interest of public and private entities eager to fight the pandemic. RNA-based drugs and vaccines now represent an opportunity to generate revenues in the multiple billions of dollars.
Much of this opportunity is being seized by two companies, Moderna and BioNTech, which went public in 2018 and 2019, respectively. They rose to prominence quickly, and they now outshine other public companies in their space.
