The Changing Fortunes Of The World's Richest

May 19, 2020

 

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.

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