Economy & Politics

Curevac raises over $ 200 million in initial public offering

The Tübingen-based company Curevac has become known because of a coronavirus vaccine candidate. Photo: dpa / Sebastian Gollnow

The hope that it could develop an effective corona vaccine has brought the Tübingen-based company Curevac a successful IPO. It has already made him $ 200 million.

New York – The Tübingen biotech company Curevac, which became famous for its corona vaccine candidate, can, as hoped, collect well over 200 million US dollars from investors in the course of its IPO. The initially slightly more than 13.3 million shares would be placed at $ 16 each, as the company announced on Friday. Subscribers for the shares could also order up to almost two million more papers at short notice. A total of around 245 million dollars (207 million euros) would then flow into the company. The trading of the papers will start this Friday on the US tech exchange Nasdaq.

Around $ 150 million of the proceeds are to flow into the development of a corona vaccine. According to the prospectus, the short-term production capacity will be expanded with another 50 million dollars. Curevac is one of several hopes worldwide in the search for a vaccine against Sars-CoV-2.

The main investor of Curevac, SAP co-founder Dietmar Hopp, will retain control after the IPO. After the share placement, Hopp’s Dievini company, which was previously the majority owner, will hold almost 50 percent of the shares. The state development bank KfW then comes to just under 17 percent and the pharmaceutical company GlaxoSmithKline to a good 8 percent.

In a recently completed financing round, Curevac had already raised around 560 million euros from investors. Among them was the federal government, which announced in June that KfW had entered Curevac for 300 million euros. The aim was therefore also to prevent a possible takeover from abroad in the race for a corona vaccine. According to the federal government, the initiative came from the company. The Qatar sovereign wealth fund and GlaxoSmithKline also appeared as investors. The British company is one of the leading vaccine groups in Europe.

At the beginning of March, US President Donald Trump invited then Curevac boss Dan Menichella and other pharmaceutical representatives to the White House to find out about the vaccine search. Shortly afterwards there was a stir about the Baden-Württemberg company: According to media reports, Trump tried to secure the vaccine exclusively for his country and offered a large amount for it, which caused outrage. However, Hopp vehemently rejected both a sale and an exclusive production for Trump. Then the federal government got involved.

Current reports, background information worth knowing and useful tips – in our dossier we bundle all articles on Corona.

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