German Covid-19 vaccine developer looks to raise up to $213 mln in US IPO
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MONDAY, JANUARY 30, 2023
German Covid-19 vaccine developer looks to raise up to $213 mln in US IPO

Global Economy

Reuters
10 August, 2020, 05:10 pm
Last modified: 10 August, 2020, 05:53 pm

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German Covid-19 vaccine developer looks to raise up to $213 mln in US IPO

CureVac said it expects its offering of 13.33 million shares to be priced between $14.00 and $16.00 per share

Reuters
10 August, 2020, 05:10 pm
Last modified: 10 August, 2020, 05:53 pm
Representational Image. Photo: Reuters
Representational Image. Photo: Reuters

CureVac, one of Germany's leading contenders to develop a Covid-19 vaccine, said it aims to raise up to $245 million in an initial public stock offering (IPO) on the US Nasdaq.

The biotech firm said on Monday it plans to offer a total of up to 15.33 million new shares, adding the shares will likely be priced at between $14.00 and $16.00 apiece.

Bank of America, Jefferies and Credit Suisse are acting as joint book-runners, with Berenberg and Kempen & Co acting as passive book-running managers, it added.

The proceeds will fund the development of an mRNA-based Covid-19 vaccine, the ramp-up of manufacturing capabilities, its oncology drug development and the development of a rabies vaccine, among other ventures, according to the statement.

The group, which is controlled by Software firm SAP co-founder Dietmar Hopp and also backed by the foundation of Microsoft co-founder Bill Gates, initially flagged plans to go public on July 24.

It previously won the German state, British drugmaker GlaxoSmithKline and the Qatar Investment Authority as investors funding its growth.

Hopp has agreed to purchase shares worth 100 million euros ($117 million) at the IPO.

($1 = 0.8513 euros)

CureVac / covid-19 vaccine

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