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German biotech CureVac sets terms for $200 million US IPO

August 10, 2020

CureVac, a German Phase 1 biotech developing mRNA-based cancer therapies and vaccines, announced terms for its IPO on Monday.

The Tübingen, Germany-based company plans to raise $200 million by offering 13.3 million shares at a price range of $14 to $16. The company plans to raise an additional $118 million in a concurrent private placement to insider Dietmar Hopp. At the midpoint of the proposed range, CureVac would command a market value of $2.6 billion.

The company's pipeline contains lead candidates CV8102, which is currently in a Phase 1 trial for solid tumors, and CV7202, which is currently in a Phase 1 trial for potential vaccination against rabies. The company is also advancing its mRNA vaccine program against coronavirus (SARS-CoV-2), for which it initiated a Phase 1 trial in healthy volunteers in June 2020, with results expected in the 4Q20.

CureVac was founded in 2000 and booked $20 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol CVAC. BofA Securities, Jefferies, Credit Suisse, Berenberg and Kempen are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2020.