The coronavirus vaccine developer CureVac announced it has secured $213 million in its initial public offering (IPO) in New York.
The German biotechnology firm sold 13.33 million shares at $16 apiece, the top end of its indicated price range, setting the stage for the first stock market debut of a company developing a promising vaccine to combat the coronavirus.
. The IPO gives CureVac a valuation of about $2.8 billion.
CureVac is researching how to use messenger RNA to treat a series of diseases, including the coronavirus. It is an experimental approach that has also been adopted by some of its peers, including Moderna and BioNTech SE.
By using messenger RNA, researchers hope they can compel a patient’s own body to create proteins that can play an important role in combating disease.
CureVac shares are due to start trading on Nasdaq under the symbol ‘CVAC’.