July 24, 2020 / 5:26 PM / 16 days ago

German COVID-19 vaccine developer CureVac files for U.S. IPO

(Reuters) - German biotech CureVac, whose coronavirus vaccine is being tested in an early-stage study, said on Friday it had filed for an initial public offering in the United States.

The company started its clinical study in healthy volunteers in June, with results expected in the fourth quarter of 2020, regulatory filings showed.

The German government in June disclosed plans to invest 300 million euros ($338.5 million) for a 23% stake in CureVac to further aid the development of the company’s COVID-19 vaccine program.

Software firm SAP (SAPG.DE) co-founder Dietmar Hopp, who holds more than 80% stake in CureVac, has agreed to purchase shares worth 100 million euros ($116.37 million) at the IPO.

CureVac’s filing comes days after the company said the Qatar Investment Authority (QIA) has taken a stake in the firm as part of a $126 million financing round. British drugmaker GlaxoSmithKline Plc (GSK.L) said on Monday it would take a 10% stake in the company.

Tübingen-based CureVac, which is also backed by Microsoft Corp (MSFT.O) co-founder Bill Gates, is a pioneer in the so-called messenger RNA approach for developing vaccines and monoclonal antibodies (mAbs) for infectious diseases.

The underwriters for the IPO are Bank of America (BAC.N), Credit Suisse (CSGN.S), Jefferies (JEF.N) and Kempen & Co. (bit.ly/2CNnZ2X)

Reporting by Ankur Banerjee in Bengaluru; Editing by Ramakrishnan M.

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