German based pharmaceutical company CureVac BV (CVAC) raised a total of $213 million on its New York Stock Exchange initial public offering held on August 13. This debut is the first stock market the biotech company has entered.
The company sold 13.33 million shares with each share going for $16 which was the highest price in earlier suggested price range by the company.
Insider sources now claim CureVac has a market capitalization of around $2.8 billion.
CureVac has been a front runner in the race to find a vaccine for deadly coronavirus, in its latest updates the company said it’s researching on how to use messenger RNA to cure multiple diseases including coronavirus.
Researchers are hoping that using messenger RNA will compel the body of a patient to produce proteins which can play a vital role in combating the deadly virus.
One month ago, German government acquired 23% stake in CureVac for $343 million, an indication of the government’s confidence in the company to come up with much needed vaccine.
Additionally, CureVac secured a 75 million euro ($85 million) loan from the European Investment bank to fund its various research projects. The company is also running researches on rabies, therapies to fight cancer and other diseases.