German vaccine maker CureVac surges almost 250% in Nasdaq debut

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Shares of biotech company CureVac closed up nearly 250 percent in its first day of trading on the Nasdaq
Shares of biotech firm CureVac closed up almost 250 % in its first day of buying and selling on the Nasdaq

Shares of German biotech firm CureVac, which is creating a number one coronavirus vaccine candidate, rocketed Friday in its first day of buying and selling in New York after elevating greater than $200 million in an preliminary public providing.

The firm, buying and selling on the Nasdaq beneath the “CVAC” ticket, completed at $55.90, up almost 250 % from its introductory value of $16 a share.

CureVac is seen as one of many main contenders in the race to develop to a COVID-19 vaccine and acquired permission in June to start out .

The firm, based mostly in Tuebingen in southwest Germany, mentioned on Friday that it raised $213.three million (180.6 million euros) in its share providing, on the larger finish of its value goal of $14 to $16 a share.

The firm positioned 13.three million shares, giving it a valuation of round $2.eight billion.

CureVac was thrust into the highlight in March when instructed that the US President Donald Trump’s administration was trying to safe unique rights to its vaccine that is beneath growth.

The firm and US officers dismissed the information as unfounded, but it surely prompted Economy Minister Peter Altmaier to declare that “Germany is not for sale”.

In a transfer to protect the agency from falling into overseas fingers, the German authorities in June took a 23-percent stake in CureVac for 300 million euros.

At the time, Altmaier mentioned: “We don’t know which company will bring the first workable vaccine to market. But we know that CureVac is among those in the lead.”

In July, British pharma big GlaxoSmithKline paid round 143 million euros for a 10-percent stake in the corporate to work collectively on vaccine growth.

CureVac, whose controlling shareholder is the billionaire co-founder of software program big SAP, Dietmar Hopp, develops therapies based mostly on harnessing “messenger RNA”—molecules associated to DNA—to deal with illnesses.

It employs greater than 400 individuals in Germany and Boston.

Like its German competitor BioNTtech, CureVac most well-liked itemizing on the Nasdaq “where the most analysts and investors in biotech circulate”, in line with a supply.


Germany takes stake in vaccine firm CureVac


© 2020 AFP

Citation:
German vaccine maker CureVac surges almost 250% in Nasdaq debut (2020, August 15)
retrieved 15 August 2020
from https://medicalxpress.com/information/2020-08-german-vaccine-maker-curevac-surges.html

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