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US Public Offering

USD 450 million
Passive Bookrunner
;

Curevac

Kempen & Co acted as Passive Bookrunner in CureVac’s USD 450 million US Public Offering

Transaction highlights

  • Capital increase of 5,000,000 shares, approximately 2.8% of the total number of outstanding shares in CureVac, at a price of USD 90 per share, representing a discount of 4.8% to the last closing price 
  • The transaction was launched on the back of the continuing progress of CureVac’s mRNA based COVID-19 vaccine candidate, CVnCoV, which recently commenced its global pivotal Phase 2b/3 trial and for which CureVac entered into an advance purchase agreement with the European Commission for the supply of up to 405 million doses end of November 2020
  • Gross proceeds amounted to USD 450m and will primarily be used to fund CVnCoV through the completion of Phase 3, the expansion of in-house manufacturing capacities and to build significant capacities through an integrated European manufacturing network to produce CVnCOV prior to obtaining regulatory approval. Gross proceeds can potentially increase to USD 518m in case the over-allotment option is exercised in full
  • Despite a tough market backdrop during the two-day bookbuild period (NBI -4.7%), Kempen & Co generated significant demand from generalist and specialist investors in Europe and the US
  • Following our passive bookrunner role in its massively successful Nasdaq IPO in August 2020, we are proud to have assisted this repeat client in raising around $700m in less than six months’ time 

Company description

CureVac is a global biopharmaceutical company in the field of messenger RNA (mRNA) technology, with more than 20 years of expertise in developing and optimizing the versatile biological molecule for medical purposes. The principle of CureVac’s proprietary technology is the use of non-chemically modified mRNA as a data carrier to instruct the human body to produce its own proteins capable of fighting a broad range of diseases. Based on its proprietary technology, the company has built a deep clinical pipeline across the areas of prophylactic vaccines, cancer therapies, antibody therapies, and the treatment of rare diseases. CureVac had its initial public offering on the New York Nasdaq in August 2020. It is headquartered in Tübingen, Germany, and employs more than 500 people at its sites in Tübingen, Frankfurt, and Boston, USA. Further information can be found at www.curevac.com

Background Kempen & Co Life Sciences & Healthcare

In the last twelve months, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

  • Lead Manager in the USD 120 million US Public Offering by Merus
  • Joint Bookrunner in the SEK 564 million Capital Increase by Cantargia
  • Sole Financial Adviser in the sale of Galapagos’ service operation, Fidelta, to Selvita for a total consideration of €31.2 million
  • Placement Agent in Investinor’s Secondary Sell-Down of c. 4 million shares in Calliditas Therapeutics
  • Lead Manager in the USD 85.0 million Nasdaq Initial Public Offering by Galecto
  • Joint Bookrunner in the €31.0 million Capital Increase by Sensorion
  • Bookrunner in the USD 245 million Nasdaq Initial Public Offering by Curevac
  • Co-Manager in the USD 49.0 million US Public Offering by Centogene
  • Joint Bookrunner in the SEK 1.11 billion Capital Increase by Hansa Biopharma
  • Joint Bookrunner in the CHF 80.2 million Capital Increase by Molecular Partners
  • Co-Manager in the USD 690 million US Public Offering by Ascendis Pharma
  • Financial advisor in Immatics’ business combination with Arya Sciences Acquisition Corp., thereby becoming a Nasdaq listed company and securing USD 253 million
  • Joint Global Coordinator and Joint Bookrunner in the €61.8 million Initial Public Offering by Hyloris Pharmaceuticals
  • Joint Bookrunner in the €20.0 million Capital Increase by Oryzon Genomics
  • Joint Global Coordinator and Joint Bookrunner in the SEK 487 million Capital Increase by BioInvent
  • Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia
  • Co-Manager in the USD 862 million Global Offering by argenx
  • Joint Bookrunner in the SEK 1.41 billion Capital Increase by Oncopeptides
  • Co-Manager in the USD 154 million Global Offering of DBV Therapeutics
  • Joint Global Coordinator and Joint Bookrunner in the €19.0 million Capital Increase by Sequana Medical

Contact

Kathrin Erfurth
Nadine Maalouf

Transactions