CureVac aims to raise up to $245 million in U.S. IPO

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FRANKFURT (Reuters) – 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 stock 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 the shares will likely be priced at between $ 14.00 and $ 16.00 apiece.

Bank of America (NYSE:), Jefferies (NYSE:) and Credit Suisse (SIX:) are acting as joint book-runners, with Berenberg and Kempen & Co acting as passive book-running managers, it added.

The proceeds will fund the development of an mRNA-based COVID-19 vaccine, the ramp-up of manufacturing capabilities, its oncology drug development and the development of a rabies vaccine, among other ventures, according to the statement.

The group, which is controlled by Software firm SAP co-founder Dietmar Hopp and also backed by the foundation of Microsoft (NASDAQ:) co-founder Bill Gates, initially flagged plans to go public on July 24.

It previously won the German state, British drugmaker GlaxoSmithKline (NYSE:) and the Qatar Investment Authority as investors funding its growth.

Hopp has agreed to purchase shares worth 100 million euros ($ 117 million) at the IPO.

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