Germany to invest 300 million euros in a firm developing COVID-19 vaccine

Muhammad UsmanMultimedia Journalist

15th Jun, 2020. 09:29 pm

To develop COVID-19’s vaccine further, Germany will be taking a stake of about 23% in an unlisted biotech firm CureVac by investing 300 million euros ($377 million) capital.

The decision was taken by SAP co-founder Dietmar Hopp – who is an early investor and owner of a stake of more than 80% in CureVac, said by German Economy Minister Peter Altmaier and Hopp during an online media briefing.

According to Altmaier’s statement, the German government would acquire a 23% stake in the company for 300 million euros (£269 million).

The move followed reported attempts by the US government to held CureVac or its assets in March, which started a backlash in Berlin, with Altmaier and Germany’s interior minister voicing support for keeping the firm German.

The government wanted to strengthen the life sciences and biotech sectors, said Altmaier. He went on to say that Berlin would not have any influences over CureVac’s business strategy.

“The German Federal government has decided to invest in this promising company because it expects that this will accelerate development programs and provide the means for CureVac to harness the full potential of its technology,” he told a news conference.

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