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What To Know About The CureVac IPO

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What To Know About The CureVac IPO

German biotech firm CureVac (NASDAQ: CVAC) opened for trading on Friday.

CureVac listed on the Nasdaq under the symbol CVAC. The company’s shares opened for trade at $40 and the IPO was priced at $16 per share

The Financials: CureVac is developing an mRNA vaccine for SARS-CoV-2 and has so far raised $213 million by offering 13.3 million shares at $16. The company has raised an additional $118 million in a concurrent private placement to insider Dietmar Hopp.

BofA Securities, Jefferies, Credit Suisse, Berenberg and Kempen acted as lead managers on the deal.

The Bill & Melinda Gates Foundation invested $40 million in the company in 2015.

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The Company: CureVac is a leading company in the field of messenger RNA (mRNA) technology with more than 17 years' expertise in handling and optimizing this versatile molecule for medical purposes. The principle of CureVac's proprietary technology is the use of mRNA as a data carrier to instruct the human body to produce its own proteins capable of fighting a wide range of diseases.

The company applies its technologies for the development of cancer therapies, prophylactic vaccines and molecular therapies.

"CureVac also has another big name in its roster of partners: the firm is working on technology with Elon Musk's electric car giant Tesla," according to CNN Business. "The company has had a development and intellectual property agreement with Tesla since November 2015."

 

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