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Coronavirus vaccine developer CureVac raises $213.3 million in U.S. IPO

imageStock Markets56 minutes ago (Aug 14, 2020 06:50AM ET)

(C) 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) – 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.

The German biotechnology firm, backed by Microsoft Corp (NASDAQ:MSFT) 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.

CureVac is researching how to use messenger RNA to treat a series of diseases, including the coronavirus. It is an experimental approach that has also been adopted by some of its peers, including Moderna (NASDAQ:MRNA) Inc and BioNTech SE (NASDAQ:BNTX).

Bank of America (NYSE:BAC), Jefferies (NYSE:JEF), and Credit Suisse (SIX:CSGN) are lead underwriters on the IPO. CureVac shares are due to start trading on Nasdaq on Friday under the symbol ‘CVAC’.

Coronavirus vaccine developer CureVac raises $213.3 million in U.S. IPO

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