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Coronavirus vaccine developer CureVac shares surge 175% in Nasdaq debut

Coronavirus vaccine developer CureVac shares surge 175% in Nasdaq debut

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.

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.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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  • First Published: August 14, 2020, 10:00 PM IST
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