Coronavirus vaccine maker CureVac plans US listing in July

Global Economy

Reuters
15 June, 2020, 11:40 pm
Last modified: 15 June, 2020, 11:45 pm
The German government plans to take a stake of about 23 percent in unlisted CureVac to help fund the biotech company’s further development of a Covid-19 vaccine
FILE PHOTO: Employee Philipp Hoffmann, of German biopharmaceutical company CureVac, demonstrates research workflow on a vaccine for the coronavirus (Covid-19) disease at a laboratory in Tuebingen, Germany, March 12, 2020. REUTERS/Andreas Gebert

German vaccine maker CureVac plans to raise funds by selling stock in an initial public offering in the United States next month, a finance ministry document seen by Reuters on Monday showed.

The German government plans to take a stake of about 23 percent in unlisted CureVac to help fund the biotech company's further development of a Covid-19 vaccine.

The finance ministry said in a letter to parliament's budget committee dated June 15: "It (CureVac) currently has a big capital requirement and plans a flotation on the Nasdaq in New York in July 2020."

European biotech firms prefer Nasdaq because the US capital market offers a critical mass of highly specialised biopharma investors, analysts say. German biotech firms BioNtech and Morphosys have recently sought US listings.

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