German biotechnology firm CureVac raises $213.3 million Initial Public Offering on Nasdaq

German CureVac BV said on Friday it raised $213.3 million in its initial public offering in New York, setting the stage for the first stock market debut of a company developing a potential vaccine to combat the coronavirus.

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German CureVac BV stock market debut of a company developing a potential vaccine to combat the coronavirus.

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The German biotechnology firm, backed by Microsoft Corp 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.

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’.

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.

German biopharmaceutical company CureVac Coronavirus vaccine developer announced Monday that it plans an initial public offering of up to $245 million on the Nasdaq Stock Market. CureVac shares will likely be priced at between $14.00 and $16.00 apiece.

Read more: https://www.curevac.com/news/curevac-announces-proposed-initial-public-offering-of-common-shares

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