German government to buy stake in Dievini Hopp's Curevac

The company will receive direct equity funding via bank KfW. The investment is part of Germany's Corona Economic Stimulus and Future Technologies Package, which was launched in June 2020.

The investment from the German government was prompted after the US government showed interest in backing the company, in order to block a foreign takeover, according to press reports. However, the company rejected speculation that the US government had made an offer in March 2020.

Curevac plans to use proceeds from the capital increase to fund its research and development activities. It will retain its operational and strategic independence following the investment, according to a statement.

Specialised biotechnology investor Dievini Hopp holds more than 80% of the shares in Curevac, according to a statement. The firm has 10 portfolio companies in total.

Previous funding
Dievini Hopp first invested in Curevac in 2005, according to a statement. The firm invested €27.6m in the company in May 2010, followed by €80m in a series-D round in September 2012.

In November 2015, new investors including new backers Chartwave, the Coppel family, Northview and Sigma backed a €100m funding round for Curevac, alongside Baillie Gifford and Dievini Hopp.

Curevac secured $29.5m in financing from its existing investors, who were also joined by Baden-Württembergische Versorgungsanstalt Für Ärzte Zahnärzte Und Tierärzte (BWVA), via the LBBW Asset Management Investmentgesellschaft, and Landeskreditbank Baden-Württemberg.

The company has raised $360m since its inception.

Company
Founded in 2000 and based in Tübingen, Curevac is a pharmaceutical company that develops messenger RNA-based drugs that aim to prompt genes in the body to produce proteins to combat diseases. The drugs are used in the treatment of cancer and rare diseases, as well as in antibody therapies and vaccines. The firm is currently working on a coronavirus vaccine. The company has 400 employees.

People
Dievini Hopp – Dietmar Hopp (co-founder).
Curevac – Franz-Werner Haas (acting CEO, chief operating officer).

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