Harvard biology professor and serial entrepreneur Timothy Springer saw promise in a fledgling biotech firm a decade ago and made an early investment. Now, primarily as a result of that bet — on a Cambridge, Massachusetts company called Moderna — he’s a billionaire.
Shares of Moderna, which has a Covid-19 vaccine currently in human clinical trials, rose more than 12% this week, bucking the overall drop in the stock market. That surge has turned Springer into a billionaire: Forbes estimates he is now worth $1 billion based on his 3.5% equity stake in Moderna and stakes in three smaller biotech outfits.
The Harvard professor isn’t the only member of the three-comma-club whose wealth has been boosted by the battle against Covid-19. Some healthcare billionaires’ fortunes have risen by billions of dollars since the WHO declared a global pandemic on March 11.
He’s also using his fortune to give back to the scientific community: In 2017, he donated $10 million to establish the Institute for Protein Innovation, an independent nonprofit dedicated to researching protein science and helping biotech entrepreneurs realise their ideas. The biotech rally could keep gathering pace as the public eagerly awaits new developments in the fight against Covid-19.