GSK GSK plc

By Colin Kellaher

Germany's CureVac B.V., which is working on a coronavirus vaccine, on Monday said it plans to sell about 13.3 million shares at between $14 and $16 each in its planned U.S. initial public offering.

At the $15 midpoint of that range, the Tubingen, Germany, company said it expects net proceeds of about $182.7 million, or roughly $210.6 million if the underwriters exercise an option to buy an additional 2 million shares.

CureVac said Dietmar Hopp, managing director of majority shareholder Dievini Hopp BioTech Holding GmbH, has agreed to buy 100 million euros (US$118 million) of common stock at the IPO price in a concurrent private placement.

CureVac said it will spend about $150 million to fund clinical development of its vaccine program against SARS-CoV-2, the virus that causes Covid-19, through the completion of a phase 3 clinical trial.

CureVac's backers also include German state-owned bank KfW, which holds an 18.3% stake, and GlaxoSmithKline PLC, which in July said it would invest about $170 million for a nearly 10% stake in the biotechnology company.

CureVac said it has applied to list its shares on the Nasdaq Global Market under the symbol CVAC.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 10, 2020 12:10 ET (16:10 GMT)

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