Coronavirus vaccine developer CureVac shares surge in U.S. 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 novel coronavirus.
(Reuters) - Shares of German biotechnology firm CureVac BV
The stock opened at $44 per share, up from the initial public offering (IPO) price of $16 per share.
CureVac, backed by Microsoft Corp
The company, which started an early-stage coronavirus trial in healthy volunteers in June with results expected in the final quarter of 2020, raised $213.3 million in the IPO.
Proceeds from the IPO would be used to fund its COVID-19 vaccine program and manufacturing capabilities, CureVac said in a regulatory filing.
The company is working to expand its capacity with a new manufacturing facility in Germany that will be capable of producing billions of vaccine doses.
CureVac is in talks with large drugmakers about a partnership to help market and distribute its prospective vaccine, its chief executive officer told German newspaper Sueddeutsche Zeitung on Friday.
The company is researching how to use messenger RNA to fight cancer, rabies and other illnesses, including the coronavirus.
In June, the German government took a 23% stake in CureVac for about $343 million. In July, GlaxoSmithKline
Tuebingen-based CureVac secured a 75-million-euro loan from the European Investment Bank last month.
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)
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