Coronavirus vaccine developer CureVac shares surge in U.S. debut By Reuters

Coronavirus vaccine developer CureVac shares surge in U.S. debut By


© Reuters. 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

(Reuters) – Shares of German biotechnology firm CureVac BV (O:) nearly tripled in their Nasdaq debut on Friday, marking the first stock market debut of a company developing a potential vaccine to combat the novel coronavirus.

The stock opened at $44 per share, up from the initial public offering (IPO) price of $16 per share.

CureVac, backed by Microsoft Corp (O:) founder and billionaire Bill Gates, sold 13.33 million shares at $16 apiece, the top end of its indicated price range of between $14 and $16 per share.

The company, which started an early-stage coronavirus trial in healthy volunteers in June with results expected in the final quarter of 2020, raised $213.3 million in the IPO.

Proceeds from the IPO would be used to fund its COVID-19 vaccine program and manufacturing capabilities, CureVac said in a regulatory filing.

The company is working to expand its capacity with a new manufacturing facility in Germany that will be capable of producing billions of vaccine doses.

CureVac is in talks with large drugmakers about a partnership to help market and distribute its prospective vaccine, its chief executive officer told German newspaper Sueddeutsche Zeitung on Friday.

The company is researching how to use messenger RNA to fight cancer, rabies and other illnesses, including the coronavirus.

In June, the German government took a 23% stake in CureVac for about $343 million. In July, GlaxoSmithKline (L:) and the Qatar Investment Authority also bought a stake in the company.

Tuebingen-based CureVac secured a 75-million-euro loan from the European Investment Bank last month.

SAP SE (DE:) 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 (NYSE:), Jefferies (NYSE:), and Credit Suisse (SIX:) are lead underwriters for the IPO.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME