Germany to buy stake in CureVac as world races for Covid-19 vaccine

Germany to buy stake in CureVac as world races for Covid-19 vaccine

Germany will take a stake in unlisted biotech firm CureVac, which is working on a Covid-19 vaccine, Economy Minister Peter Altmaier said on Monday, confirming an earlier Reuters report. 

The Berlin government will acquire a 23% stake for 300 million euros ($337.4 million), according to Altmaier, in a deal that values the company at 1.3 billion euros.

The move followed reported attempts by the U.S. government to acquire CureVac or its assets in March, which stirred a backlash in Berlin, with Altmaier and the interior minister voicing support for keeping CureVac German.

Altmaier said that the government wanted to strengthen the life sciences and biotech sectors in Germany and that Berlin would not have any influence over CureVac’s business strategy.

CNBC

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