Shares of German biotechnology firm CureVac BV nearly tripled in their Nasdaq debut on Friday, marking the first stock market debut of a company developing a potential vaccine to combat the coronavirus.
The stock opened at $44 per share, up from the IPO price of $16 per share.
CureVac, backed by Microsoft Corp founder and billionaire Bill Gates, sold 13.33 million shares at $16 apiece, the top end of its indicated price range of between $14 and $16 per share.
The company raised $213.3 million in the IPO.
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 Inc and BioNTech SE .
Bank of America, Jefferies, and Credit Suisse are lead underwriters for the IPO.
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