Covid vaccine contender CureVac BV shares soar 249% in US trading debut

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New York: CureVac BV soared 249% in its trading debut after raising $213 million in a U.S. initial public offering that boosted its profile in the race for a coronavirus vaccine.

It was the best first-day performance by a wide margin among about 200 new listings on U.S. exchanges this year, according to data compiled by Bloomberg.

“It is definitely a race,” CureVac Chief Executive Officer Franz-Werner Haas said in a Bloomberg TV interview. “It is a race not that much against the competition of other vaccine producers out there but a race against the virus. It is a race against time.”

The company’s shares closed at $55.90 in New York trading Friday, giving the company a market value of $9.86 billion. CureVac sold 13.33 million shares Thursday for $16 each after marketing them for $14 to $16.

CureVac, based in Tubingen, Germany, is also raising 100 million euros ($118 million) in a private placement concurrent with the IPO, according to CureVac’s filings with the U.S. Securities and Exchange Commission.

Also read: Science ministry says Covid vaccine ‘unlikely’ before 2021, then drops claim in new statement

Government stake

The German government agreed in June to acquire 23% of the company for 300 million euros via development bank Kreditanstalt fuer Wiederaufbau, known as KfW.

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