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(Bloomberg) – CureVac BV rose 249% on its advertising debut after raising $213 million in an IPO in the United States, which made 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’s a career,” CureVac CEO Franz-Werner Haas said in an interview with Bloomberg TV. “It’s a race not so opposed to the festivals of other vaccine producers, but a race opposed to the virus. It’s a race that’s the opposite of time.”
The company’s shares closed to $55.90 in New York on Friday, giving the company a market price of $9.86 billion. CureVac sold 13.33 million shares on Thursday for $16 after promoting them for between $14 million and $16.
CureVac, in Tubingen, Germany, is also raising one hundred million euros ($118 million) in a concurrent personal placement with the IPO, according to documents filed through CureVac with the U.S. Securities and Exchange Commission.
Government involvement
In June, the German government agreed to take 23% of the corporate for three hundred million euros through the kreditanstalt fuer Wiederaufbau, known as KfW.
The offer will be led by Bank of America Corp., Jefferies Financial Group Inc. and Credit Suisse Group AG. The company’s shares, which are being formed in the Netherlands and renamed CureVac NV at the time of the IPO, are traded on the nasdaq global market under the symbol CVAC.
CureVac, founded in 2000, said in June that it had obtained regulatory approval to begin phase 1 clinical trials of its Covid-19 candidate vaccine. It stated in its record that it expected the effects of that evidence in the fourth quarter.
Transatlantic prices
As the coronavirus pandemic entrenched, CureVac became a transatlantic festival’s award for safe access to a potential vaccine after reporting that the United States was looking to buy the company or its technology. In March, CureVac denied the hypothesis that the U.S. government had attempted to buy the company or its technology.
CureVac’s studies focus on messenger RNA, where the vaccine teaches the body’s cells to identify and attack the virus. Some other corporations to expand coronavirus vaccines, adding Massachusetts-based Cambridge, Moderna Inc. and German rival BioNTech SE are now public.
Moderna’s shares rose 2% on Friday, while BioNTech’s U.S. certificate of deposit fell 3.3%. BigCommerce Holdings Inc., which closed with a 201% hike in its early days, is now the second best first day functionality for the U.S. IPO.
(Updates with CEO comments in the third paragraph)
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