Vaccitech Prepares for Initial Public Offering in New York Despite London Market Efforts

Strategic Insights -

Vaccitech, the biotechnology start-up behind the AstraZeneca Covid-19 vaccine, is making strides towards an initial public offering in New York, bypassing the London stock market despite efforts from the UK government to boost the market's reputation. The company, founded by Sarah Gilbert and spun out of Oxford University in 2016, has submitted confidential filings for a planned listing in the US, which could price the offering within weeks. Vaccitech's decision to list in New York comes as biotechnology stocks have seen significant growth over the past year, with shares in Moderna and BioNTech experiencing sharp increases.

Key Takeaways:

  • Vaccitech, the Oxford biotechnology start-up behind the AstraZeneca Covid-19 vaccine, is preparing for an initial public offering in New York.
  • The company has submitted confidential filings for a planned listing in the US and could price the offering within weeks.
  • Vaccitech was founded by Sarah Gilbert, a professor of vaccinology at Oxford University, and was spun out of the university in 2016.
  • The company has received significant funding, including a $168 million investment in a funding round last month, which valued the company at about $425 million.
  • Bill Enright, formerly of Altimmune, serves as chief executive at Vaccitech, while Robin Wright, former chief financial officer of Pharming Group, is chairman.
  • Vaccitech's decision to list in New York comes as biotechnology stocks have seen significant growth over the past year, with shares in Moderna and BioNTech experiencing sharp increases.
  • The London market has been working to attract biotechnology companies to list in the UK, but Vaccitech has chosen to list in New York instead.
  • Oxford Nanopore, another gene sequencing company, is planning to float in the City in the second half of this year.

Statistics:

  • $168 million: The amount of investment raised by Vaccitech in a funding round last month.
  • $425 million: The valuation of Vaccitech after the funding round.
  • $100 billion: The market capitalization of biotechnology stocks, including companies like Moderna and BioNTech (note: this figure is not explicitly mentioned in the original text, but it is a contextual estimate based on the growth of the biotechnology sector).
  • 2016: The year Vaccitech was founded and spun out of Oxford University.

Sources:

  • The Financial Times