Coronavirus vaccine developer CureVac shares surge 175% in Nasdaq debut

(Reuters) - Shares of German biotechnology firm CureVac BV nearly tripled in their Nasdaq debut on Friday, marking the first stock market debut of a company developing a potential vaccine to combat the coronavirus. The stock opened at $44 per share, up from the IPO price of $16 per share. CureVac, backed by Microsoft Corp 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.

Reuters August 15, 2020 00:05:58 IST
Coronavirus vaccine developer CureVac shares surge 175% in Nasdaq debut

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(Reuters) - Shares of German biotechnology firm CureVac BV nearly tripled in their Nasdaq debut on Friday, marking the first stock market debut of a company developing a potential vaccine to combat the coronavirus .

The stock opened at $44 per share, up from the IPO price of $16 per share.

CureVac, backed by Microsoft Corp 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.

The company raised $213.3 million in the IPO.

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 Inc and BioNTech SE <22UAy.F>.

Bank of America, Jefferies, and Credit Suisse are lead underwriters for the IPO.

(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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