June 15, 2020 / 4:16 PM / 2 months ago

Coronavirus vaccine maker CureVac plans U.S. listing in July

German Economy Minister Peter Altmaier and state secretary at the economic ministry Ulrich Nussbaum attend a news conference with with CureVac main shareholder Dietmar Hopp, at the economy ministry, during the coronavirus disease (COVID-19) outbreak, in Berlin, Monday, June 15, 2020. Markus Schreiber/Pool via REUTERS

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

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