Biotech company CureVac aims to raise up to $245 million in U.S. IPO
CureVac, 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 U.S. Nasdaq.
The biotech firm said on Monday 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.
Majority owner Dietmar Hopp, the co-founder of Software giant SAP, 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 works 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 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.
Bank of America, Jefferies and Credit Suisse are acting as joint book-runners, with Berenberg and Kempen & Co acting as passive book-running managers.
Aug. 10, 2020