Germany CureVac Raises $ 213 Million In IPO Spurred By Pandemic | News | DW

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Curevac, the Tübingen, Germany-based biopharmaceutical company, said on Friday it generated around $ 213.3 million (€ 180 million) when it debuted on the stock exchange. Along with the 13.3 million shares sold when it debuted on the market, underwriters also had the option to buy 2 million more at a price of $ 16 a share on Friday.

The company said in a statement that three-quarters of the proceeds from the IPO would fund advanced clinical trials of its potential coronavirus vaccine. The remaining $ 50 million would be used to increase production capacity in the short term.

Read more: Germany CureVac to launch human trial of experimental coronavirus vaccine

Already in June, the German government via its credit bank KfW secured a 17% stake – alongside those of other investors – in CureVac to foil foreign takeover bids.

List of competitors in Shanghai

CureVac’s New York debut follows Thursday’s listing by Chinese company Cansino in Shanghai as aspirants around the world work on hoped-for vaccines for humans immune to the Sars-Cov-2 virus.

The decision to choose the NASDAQ index, however, was criticized by the German Stock Market Institute, which on Wednesday urged Berlin to make German stock markets more attractive to start-ups.

The company has also recently been the subject of an international struggle for ownership. In March, reports that US President Donald Trump had sought to buy exclusive US rights to potential vaccines, including CureVac, sparked outrage in Germany.

Read more: Coronavirus – Germany adopts power to block foreign takeovers in healthcare

Friday’s CureVac candidacy coincided with a multitude of data across the European Union revealing the economic impact of the pandemic and punishing lockdowns in population centers such as Paris, in a second wave of infections since February.

The Dutch CBS statistics office cited an 8.5% drop in GDP in the second quarter, lamenting that “never before” has the Dutch economy been affected on this scale.

Modified genetic scheme

CureVac, whose main investor is expected to remain Dietmar Hopp, the co-founder of software giant SAP, received permission from German authorities in June to conduct clinical trials on its potential vaccine, saying the first results could appear in September.

The development of CureVac, like that of Biontech based in Mainz, Germany, uses the so-called mRNA technique of modifying the genetic pattern of the virus to trigger an immune reaction upon injection which should occur later if the real virus Between.

The European Commission, negotiating on behalf of the 27 EU member states, said on Friday it had agreed to buy doses from UK pharmaceutical maker AstraZeneca if its vaccine was found to be safe and effective.

The EU decision runs counter to the efforts of the World Health Organization for a comprehensive approach.

ipj / mm (Reuters, dpa, AFP)



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