German biopharmaceutical company CureVac's U.S. stock market debut has been priced at $16 a share, netting the company $213 million to assist it in its ongoing search for a vaccine against Covid-19.
CureVac in a statement released Friday said it sold 13.33 million shares at $16 a piece, the high end of its offered range. 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 approximately $2.8 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 shares are expected to begin trading Friday under the symbol “CVAC.”
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 Report and Johnson & Johnson (JNJ) - Get 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 Report and AstraZeneca (AZN) - Get Report have also been working on their own potential coronavirus vaccine candidates.
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