Biotech startup Vaccitech which co-invented covid-19 vaccine AstraZeneca is going public at a $613mn valuation
Vaccitech, the company behind the Covid-19 vaccine platform developed by AstraZeneca and the University of Oxford, announced this Monday that it plans to raise $117 million with the initial public offering (IPO) in the US, in an operation that would value the company at $613 million.
The biotech startup recently raised $168 million from investors like M&G Investment Management, the Chinese company Tencent, and Gilead Sciences, a California-based biotechnology company.
The Oxford-based company has rights to 1.4% of net sales generated by the AstraZeneca vaccine if it starts to be sold for profit after the end of the pandemic.
Vaccitech has never had any positive results, having recorded losses of $17.9 million in the last year, with the accounts being penalized for the costs of research and development and the staff.
Oxford Sciences Innovation, the venture capital firm that markets intellectual property at the University of Oxford, is Vaccitech’s largest shareholder, with a 29% stake before the offer.