Vaccitech Plc, the startup that owns the technology behind the COVID-19 vaccine developed by Oxford University and AstraZeneca Plc, has filed for a United States’ initial public offering.
The biotech start-up filed for the IPO on Friday, according to Reuters.
The firm said in its filing that based on its understanding, it would not be entitled to receive any royalties or payments from sub-licensees from the commercialization of the AstraZeneca vaccine until the coronavirus pandemic is over.
Vaccitech, a British company, plans to list the American depositary shares on the Nasdaq under the symbol “VACC”.
Reuters reports that Morgan Stanley, Jefferies and Barclays are among the offering’s underwriters.
The startup’s revenue dropped about 30% to $4.8 million last December, even as its net loss narrowed to $17.9 million from $22.7 million due to lower research and development expenses.
It remains unclear why Vaccitech chose to list in the United States, rather than the U.K.
But there are concerns that the company’s preference for a U.S. listing could further undermine London’s attempts to become a major financial hub after Brexit.
The company is co-founded by Sarah Gilbert, professor of vaccinology at Oxford University, who led AstraZeneca’s COVID-19 vaccine development efforts.
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