EW YORK — Moderna Therapeutics, biotech’s most richly valued and hotly debated startup, made headlines Thursday morning with a cheery update on its pipeline of futuristic medicines.

Hours later, about 100 of biotech’s top investors and analysts packed into a ballroom at Manhattan’s tony W Hotel for a closed-door presentation they hoped would take them behind the press release — and tell them whether Moderna truly deserves its $5 billion valuation.

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