CureVac aims to raise up to $245 mn in US IPO

CureVac, a leading clinical stage biotechnology company in the field of messenger RNA and 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 offering (IPO) on the US Nasdaq, according to Reuters.

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

Co-founder of Software giant SAP, Dietmar Hopp, who’s also a majority owner in the company has pledged to inject an additional 100 million euros ($117 million) at IPO conditions.

At the mid-point of the price range, CureVac is expected to be valued at roughly $2.7 billion, based on a company filing.

CureVac is hoping to show its vaccine can work at lower doses than rivals. It started testing on humans in mid-June, behind rivals such as BioNTech and partner Pfizer, which started clinical trials at the end of April. The group, which is also backed by the foundation of Microsoft co-founder Bill Gates, initially flagged plans to go public on July 24.

Globally, firms and researchers are working on more than 150 vaccines to stop the COVID-19 pandemic, with 26 projects in human clinical trials, according to the World Health Organization.

The proceeds from CureVac’s IPO will help 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.

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

CureVac is selling 13.3 million shares in the stock market listing and will offer an additional 2 million in an over-allotment option to cover strong demand.

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

AN

Website | + posts

HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.

What's your take on this post ? Comment: