German COVID-19 vaccine developer plans to raise $ 245 million for IPO

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The German biotechnology company CureVac, among other things developing a vaccine against COVID-19, stated on Monday, August 10, that it plans to raise up to $ 245 million in an IPO. The placement should take place on the American NASDAQ technology exchange.

The fact that the company is planning an IPO became known back in July, but now it announced the placement price corridor – from $ 14 to $ 16 per share – and the number of shares it plans to place on the exchange – 13.3 million shares with an option for underwriters to buy another 2 million shares at the IPO price within a month, that is, up to 15.3 million shares in total.

In March, CureVac was at the center of a scandal: then it became known that the administration of US President Donald Trump approached the company’s management with an offer to buy it so that CureVac would produce a vaccine exclusively for the United States. This angered the German authorities, who declared the need for cooperation, and not exclusively for protecting their interests in a pandemic. In June, the German government bought a 23% stake in the company. CureVac is majority owned by one of the founders of the German software developer SAP, Dietmar Hopp.

Amid the COVID-19 pandemic and the related interest in the pharmaceutical sector, biotech companies are experiencing an IPO boom. As writes The Wall Street Journal citing data from the research company Dealogic, since the beginning of the year, biotechnology companies have raised $ 9.4 billion during their IPO. This is almost one and a half times more than in the entire 2018, which became a record placements $ 6.5 billion

Yana Rozhdestvenskaya

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