BERLIN (Reuters) - German vaccine maker CureVac plans to raise funds by selling stock in an initial public offering in the United States next month, a finance ministry document seen by Reuters on Monday showed.
The German government plans to take a stake of about 23% in unlisted CureVac to help fund the biotech company’s further development of a COVID-19 vaccine.
The finance ministry said in a letter to parliament’s budget committee dated June 15: “It (CureVac) currently has a big capital requirement and plans a flotation on the Nasdaq in New York in July 2020.”
European biotech firms prefer Nasdaq because the U.S. capital market offers a critical mass of highly specialised biopharma investors, analysts say. German biotech firms BioNtech and Morphosys have recently sought U.S. listings.
Reporting by Holger Hansen; Writing by Joseph Nasr; Editing by Edward Taylor and Mark Potter