RA Capital’s Big Covid Bet

The biopharma specialist recently invested $200 million in a company developing a vaccine and is raising money for a new blank-check company.

Stanley Erck, CEO of Novavax Inc. (Kevin Dietsch/UPI/Bloomberg)

Stanley Erck, CEO of Novavax Inc.

(Kevin Dietsch/UPI/Bloomberg)

Little-known health care hedge fund firm RA Capital Management raised its profile Monday when it shelled out $200 million to invest in Novavax, a late-stage biotechnology company developing a vaccine for Covid-19.

RA Capital bought Series A convertible preferred stock, convertible into nearly 4.4

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