CureVac drops on planned $200 mln equity offering

CureVac NV

07/02/2023 15:45

** U.S.-listed shares of CureVac NV  CVAC.O  down 12.9% at
$9.22 as German vaccine maker looks to raise equity
    ** Co late Mon announced $200 mln stock offering to fund
ongoing business activities, development of its pipeline, per
the prospectus filing
    ** Co had ~$541 mln of cash/cash equivalents as of Sept 30
    ** With ~190 mln shares outstanding, co ~$2 bln market cap
through Mon, per Refinitiv
    ** Shares gained 78% in Jan. Last month, CureVac presented
promising data from flu and COVID-19 mRNA vaccine programs being
jointly developed in collaboration with GSK PLC  GSK.L 
 urn:newsml:reuters.com:*:nL4N34F3UV  urn:newsml:reuters.com:*:nL4N33R2F0
    ** Goldman, Jefferies and SVB Secs jt bookrunners for
offering, slated to price Tues after market close
    ** With move on the session, CVAC has lost ~50% over the
past 12 months
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))