Carlyle Group co-founder David Rubenstein joins Moderna board to 'guide' its growth

By Steve Gelsi

Moderna co-founder Bob Langer is retiring from the board

Moderna Inc. said Tuesday that Bob Langer, one of its founders, will retire from the board and that Carlyle Group Inc. co-founder David Rubenstein will become a director on Aug. 5 to help the drugmaker "scale efficiently."

Rubenstein helped launch Carlyle Group (CG) in 1987 and built it into one of the world's largest private-equity firms through mergers and acquisitions as well as by growing portfolio companies organically both in the U.S. and abroad.

"As we pursue our mission of delivering the greatest impact to people through mRNA medicines, David is the ideal partner to help guide our growth as we scale efficiently, while also reaching new markets and geographies," Moderna Chief Executive Stéphane Bancel said in a prepared statement.

Along with Langer, Stephen Berenson will also retire from the pharmaceutical company's (MRNA) board.

Rubenstein will take Berenson's place on Moderna's audit committee.

Moderna co-founder and chairman Noubar Afeyan said Rubenstein "brings an incredibly rich depth of experience investing in and growing businesses across a host of industries," according to a prepared statement.

Rubenstein said Moderna's commitment to research and its role in facing global health challenges "align deeply with my passion for advancing scientific progress and improving lives."

Rubenstein hosts "The David Rubenstein Show: Peer to Peer Conversations" as well as "Bloomberg Wealth with David Rubenstein" on Bloomberg TV.

He is also a member of the ownership group of the Boston Orioles Major League Baseball team, following the $1.73 billion acquisition of the team from Peter Angelos earlier this year.

With a net worth estimated at $3.5 billion, Rubenstein is on the Forbes magazine list of the 400 wealthiest Americans.

Moderna's stock is up 22.9% so far this year, outpacing the 16.8% rise by the Nasdaq COMP. The stock dipped 0.6% on Tuesday.

Also read: Moderna gets U.S. government funding for bird-flu vaccine development

-Steve Gelsi

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07-23-24 1056ET

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