Vaccine Contender CureVac Raises $213 Million in IPO

CureVac BV, a competitor in the race for a coronavirus vaccine, priced its U.S. initial public offering at the top of a marketed range to raise $213 million.

The company sold 13.33 million shares for $16 each after marketing them for $14 to $16, according to a statement Friday. The company is also raising 100 million euros ($118 million) in a private placement concurrent with the IPO, according to CureVac’s filings with the U.S. Securities and Exchange Commission.

CureVac, based in Tubingen, Germany, is valued in the listing at about $2.8 billion based on the outstanding shares listed in its filings. The company’s valuation could change depending on whether regulators approve a vaccine.

The German government agreed in June to acquire 23% of the company for 300 million euros via development bank Kreditanstalt fuer Wiederaufbau, known as KfW.

Vaccine Contender CureVac Raises $213 Million in IPO

The offering is being led by Bank of America Corp., Jefferies Financial Group Inc. and Credit Suisse Group AG. Shares of the company, which being incorporated in the Netherlands and renamed CureVac NV in conjunction with the IPO, are expected to begin trading Friday on the Nasdaq Global Market under the symbol CVAC.

CureVac, founded in 2000, said in June that it received regulatory approval to begin Phase 1 clinical trials of its Covid-19 vaccine candidate. It said in its filing that it expects the results of those trials in the fourth quarter.

As the coronavirus pandemic took hold, CureVac became the prize in a transatlantic competition to secure access to a potential vaccine after reports that the U.S. was angling to buy the company or its technology. In March, CureVac denied speculation that the U.S. government tried to buy the business or its technology.

CureVac’s research is focused on messenger RNA, in which the vaccine teaches the body’s cells to identify and attack the virus. Some other companies trying to develop coronavirus vaccines, including Moderna Inc., based in Cambridge, Massachusetts, and German rival BioNTech SE, are already public.

©2020 Bloomberg L.P.

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