The race for a successful coronavirus vaccine is heating up in labs around the world — and on Wall Street. Germany's CureVac, a biotech company 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 , Novavax , BioNTech and Pfizer , is also backed by billionaire Dietmar Hopp, the co-founder of German software giant SAP .Hopp owns nearly half of CureVac. The German government and Big Pharma leader GlaxoSmithKline also have big stakes.
CureVac also has another big name in its roster of partners: the firm is working on technology with Elon Musk's electric car giant Tesla . The company has had a development and intellectual property agreement with Tesla since November 2015, according to its regulatory filings with the Securities and Exchange Commission.
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