Shares of German biopharmaceutical company CureVac surged out of the gate on Friday, more than tripling in value in its public debut on the Nasdaq Global Market.
Shares of CureVac began trading up 191.56%, or $30.65 a share, at $46.65. At 1 pm E.T. the stock was up more than 216% at $50.66.
CureVac on Friday sold 13.33 million shares at $16 a piece, the high end of its offered range and began trading under the symbol “CVAC.”
CureVac is also raising €100 million ($118 million) in a private placement, according to CureVac’s filings with the U.S. Securities and Exchange Commission.
The listing, which will see CureVac’s stock trade on the Nasdaq Global Market, values CureVac at more than $5 billion, based on the number of outstanding shares it has listed in its filings.
The German government agreed in June to acquire 23% of the company for €300 million via development bank Kreditanstalt fuer Wiederaufbau, known as KfW.
CureVac joins a growing roster of public companies around the world that are fervently focused on developing a viable Covid-19 vaccine candidate. Novavax (NVAX) - Get Novavax, Inc. Report and Johnson & Johnson (JNJ) - Get Johnson & Johnson (JNJ) Report on Friday said they had each signed deals with the U.K. government to deliver millions of doses of their own experimental Covid-19 vaccines.
Other publicly traded companies including GlaxoSmithKline (GSK) - Get Report, Sanofi (SNY) - Get Report, Pfizer (PFE) - Get Report, BioNTech (BNTX) - Get Report, Moderna (MRNA) - Get Moderna, Inc. Report and AstraZeneca (AZN) - Get Report have also been working on their own potential coronavirus vaccine candidates.
Novavax last week was awarded $1.6 billion from the U.S. government under its "Operation Warp Speed" program to help develop a coronavirus vaccine, while Sanofi and GlaxoSmithKline will be receiving as much as $2.1 billion.
CureVac’s efforts focus on so-called messenger RNA, in which the vaccine "teaches" the body’s cells to identify and attack the coronavirus. The company in June said it received regulatory approval to begin Phase 1 clinical trials, with results expected before the end of the year.