The Strategist

Germany buys 23% stake in COVID-19 vaccine developer CureVac

06/16/2020 - 07:37

The German government invested € 300 million in the biotechnology corporation CureVac, which, among others, is developing a vaccine against COVID-19. This was announced on Monday. In accordance with the terms of the transaction, German authorities who invested in the company through the state-owned KfW bank will receive a 23% stake in the company.

In March, CureVac, one of dozens of companies working on such a vaccine, found itself at the center of the scandal. Then it became known that the administration of US President Donald Trump turned to the company's management with a proposal to buy it so that CureVac would produce a vaccine exclusively for the United States. This aroused indignation of the German authorities, who empasized the need for cooperation. After that, in May, the German government issued a decree allowing the authorities to block transactions on the acquisition of local pharmaceutical companies by foreign investors.

“The German federal government has decided to invest in this promising company because it expects it to accelerate the development of its programs and provide CureVac with the means to fully unlock the potential of its technology. It is also of great importance from the point of view of industrial policy, since we, in Germany and in Europe, need these important results of research and technology,” said German Minister of Economics Peter Altmaier in connection with the deal.


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