CureVac to raise over Rs 1834 crore IPO in US
Frankfurt: CureVac, one of Germany's leading contenders to develop a COVID-19 vaccine, said it aims to raise up to $245 million in an initial public offering (IPO) on the U.S. Nasdaq.
The biotech firm said on Monday it plans to offer a total of up to 15.33 million new shares, adding they would likely be priced at between $14.00 and $16.00 apiece.
Majority owner Dietmar Hopp, the co-founder of Software giant SAP, has pledged to inject an additional 100 million euros ($117 million) at IPO conditions.
At the mid-point of the price range, CureVac is expected to be valued at roughly $2.7 billion, based on a company filing.
The market debut is slated for Friday, said three people familiar with the transaction.
CureVac is hoping to show its vaccine can works at lower doses than rivals. It started testing on humans in mid-June, behind rivals such as BioNTech and partner Pfizer, which started clinical trials at the end of April.
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