Moderna's Shares Rise After Company Set to Join S&P 500

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By Kimberly Chin

Moderna Inc.’s shares rose 7.2% after hours to $278.50 after the S&P Dow Jones Indices said the biopharmaceutical company will join the S&P 500 prior to the opening of trading on July 21.

The company behind the mRNA Covid-19 vaccine will replace Alexion Pharmaceuticals Inc. in the broad index, S&P said Thursday. AstraZeneca PLC plans to acquire Alexion and the deal is expected to be completed soon.

Shares of Moderna have gained 224% in the past 12 months.

Write to Kimberly Chin at kimberly.chin@wsj.com