New York (CNN Business) The race for a successful coronavirus vaccine is heating up in labs around the world — and on Wall Street. Germany’s CureVac, a biotech with the backing of the Bill & Melinda Gates Foundation, more than tripled in its first day of trading Friday.
CureVac priced its initial public offering at $16 a share. The stock soared nearly 250%, to just below $56, by the end of the day.
The company, which is competing with the likes of Moderna (MRNA), Novavax (NVAX), BioNTech (BNTX) and Pfizer (PFE), is also backed by billionaire Dietmar Hopp, the co-founder of German software giant SAP (SAP).
Hopp owns nearly half of CureVac. The German government and Big Pharma leader GlaxoSmithKline (GSK) also have big stakes.
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