By Rebecca Spalding and Echo Wang
NEW YORK (Reuters) - CureVac BV
The German biotechnology firm sold 13.33 million shares at $16 apiece, the top end of its indicated price range, the source said, requesting anonymity ahead of an initial announcement. The IPO gives CureVac a valuation of about $2.8 billion.
CureVac did not immediately respond to a request for comment.
CureVac is researching how to use messenger RNA to treat a series of diseases, including the coronavirus. It is an experimental approach that has also been adopted by some of its peers, including Moderna
By using messenger RNA, researchers hope they can compel a patient's own body to create proteins that can play an important role in combating disease.
In June, the German government took a 23% stake in CureVac for about $343 million, a sign that it views the company's research to be strategically important to its national interests. In July, GlaxoSmithKline Plc
The Tuebingen-based company, which is also backed by Microsoft Corp
Beyond the coronavirus, CureVac is also researching therapies to fight cancer, rabies, and other illnesses. SAP SE
Bank of America, Jefferies, and Credit Suisse are lead underwriters on the IPO. CureVac shares are due to start trading on Nasdaq on Friday under the symbol 'CVAC'.
(Reporting by Rebecca Spalding and Echo Wang in New York; Editing by Himani Sarkar and Gerry Doyle)