CureVac BV raised $213 million in its initial public offering (IPO) in New York on Thursday, a person familiar with the matter said, setting the stage for the first stock market debut of a company developing a promising vaccine to combat the coronavirus.
By using messenger RNA, researchers hope they can compel a patient’s own body to create proteins that can play an important role in combating disease.
In June, the German government took a 23% stake in CureVac for about $343 million, a sign that it views the company’s research to be strategically important to its national interests. In July, GlaxoSmithKline Plc and the Qatar Investment Authority bought a stake in the company. The Tuebingen-based company, which is also backed by Microsoft Corp founder and billionaire Bill Gates, secured a 75 million euro loan from the European Investment Bank last month.
Beyond the coronavirus, CureVac is also researching therapies to fight cancer, rabies, and other illnesses. SAP SE co-founder Dietmar Hopp owns a controlling stake in CureVac and is expected to hold a little less than 50% after the listing, according to a company filing. Bank of America, Jefferies, and Credit Suisse are lead underwriters on the IPO. CureVac shares are due to start trading on Nasdaq on Friday under the symbol ‘CVAC’.Our Standards:
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