CureVac B.V. (NASDAQ: CVAC) wasn’t the only initial public offering making some noise in the markets on Friday, but the stock exploded into the market, more than double its original pricing. Since then, it is up more or less triple its original pricing.
The company priced its 13.33 million shares at $16, at the high end of the expected price range of $14 to $16. There is an overallotment option for an additional 2.00 million shares. At this price, the entire offering is valued up to $245.28 million.
The underwriters for the offering are BofA Securities, Jefferies, Credit Suisse, Berenberg and Kempen.
CureVac is a global clinical-stage biopharmaceutical company in the field of messenger RNA (mRNA) technology with expertise in developing and optimizing this versatile molecule for medical purposes. However, the most exciting part of its pipeline is its COVID-19 vaccine.
The principle of CureVac’s proprietary technology is the use of mRNA as a data carrier to instruct the human body to produce its own proteins capable of fighting a wide range of diseases. The company applies its technologies for the development of prophylactic vaccines, cancer therapies, antibody therapies and the treatment of protein therapies.
The company intends to use the net proceeds from this offering and a concurrent private placement offering to further develop and commercialize its SARS-CoV-2 vaccine program. The proceeds also will be used to develop other facets of its pipeline and for working capital and general corporate purposes.
CureVac stock was last seen up about 211% at $49.85, in a range of $36.15 to $51.48 on the day thus far. About 12 million shares had moved as of 1:15 p.m. Eastern.
24/7 Wall St.100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.