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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Biotech company CureVac aims to raise up to $245 mln in U.S. IPO

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08/10/2020 | 07:46am EDT

FRANKFURT, Aug 10 (Reuters) - CureVac, one of Germany's leading contenders to develop a COVID-19 vaccine, said it aims to raise up to $245 million in an initial public offering (IPO) on the U.S. Nasdaq.

The biotech firm said on Monday it plans to offer a total of up to 15.33 million new shares, adding they would likely be priced at between $14.00 and $16.00 apiece.

Majority owner Dietmar Hopp, the co-founder of Software giant SAP, has pledged to inject an additional 100 million euros ($117 million) at IPO conditions.

At the mid-point of the price range, CureVac is expected to be valued at roughly $2.7 billion, based on a company filing.

The market debut is slated for Friday, said three people familiar with the transaction.

CureVac is hoping to show its vaccine can works at lower doses than rivals. It started testing on humans in mid-June, behind rivals such as BioNTech and partner Pfizer, which started clinical trials at the end of April.

Globally, firms and researchers are working on more than 150 vaccines to stop the COVID-19 pandemic, with 26 projects in human clinical trials, according to the World Health Organization.

The proceeds from CureVac's IPO will help fund the development of an mRNA-based COVID-19 vaccine, the ramp-up of manufacturing capabilities, its oncology drug development and the development of a rabies vaccine, among other ventures, according to the statement.

The group, which is also backed by the foundation of Microsoft co-founder Bill Gates, initially flagged plans to go public on July 24.

It previously won the German state, British drugmaker GlaxoSmithKline and the Qatar Investment Authority as investors funding its growth.

CureVac is selling 13.3 million shares in the stock market listing and will offer an additional 2 million in an over-allotment option to cover strong demand.

Bank of America, Jefferies and Credit Suisse are acting as joint book-runners, with Berenberg and Kempen & Co acting as passive book-running managers. (Reporting by Ludwig Burger and Arno Schuetze and Patricia Weiss Editing by Michelle Martin and Nick Macfie)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 1.35% 24.09 Delayed Quote.-31.60%
BIONTECH SE 3.54% 69.23 Delayed Quote.104.34%
CREDIT SUISSE GROUP AG -0.69% 9.184 Delayed Quote.-29.46%
GLAXOSMITHKLINE PLC 0.15% 1453.2 Delayed Quote.-18.38%
NASDAQ COMP. 0.74% 11167.506924 Delayed Quote.24.46%
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Financials
Sales 2020 21 771 M 23 718 M 23 718 M
Net income 2020 2 997 M 3 265 M 3 265 M
Net Debt 2020 - - -
P/E ratio 2020 7,50x
Yield 2020 3,21%
Capitalization 21 569 M 23 514 M 23 499 M
Capi. / Sales 2020 0,99x
Capi. / Sales 2021 1,00x
Nbr of Employees 48 800
Free-Float 95,2%
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Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 12,27 CHF
Last Close Price 9,24 CHF
Spread / Highest target 83,9%
Spread / Average Target 32,7%
Spread / Lowest Target -22,6%
EPS Revisions
Managers
NameTitle
Thomas Gottstein Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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