Maravai LifeSciences, who manufactures capping reagents for Pfizer’s and BioNTech’s COVID-19 vaccine, IPO opens 18% above issue price

On Friday, November 20, 2020, Pfizer and BioNTech announced their intention to submit a request for an Emergency Use Authorization (EUA) from the United States’ Food and Drug Administration (FDA) for its COVID-19 vaccine BNT16sb2. Studies have shown the vaccine to have a 95% success rate with no observed safety concerns. Pfizer announced the potential to produce 50,000,000 doses of the vaccine by the end of 2020, and as many as 1.3 billion doses by the end of 2021. Based on that schedule, vaccinations could be made available to high-risk populations in the United States by mid-December 2020 assuming the EUA is issued by the FDA. Pfizer trades on the New York Stock Exchange under the symbol PFE. BioNTech trades on the Nasdaq under the symbol BNTX.

On the same date as Pfizer and BioNTech announced their application for a EUA, biotechnology firm Maravai LifeSciences Holdings Inc. joined the markets with its initial public offering (IPO). Maravai is a San Diego, California-based company that researches and develops products related to the development and manufacturing of vaccines, including the BNT16sb2 vaccine developed by Pfizer and BioNTech to respond to the COVID-19 pandemic.

Maravai provides a capping reagent to both Pfizer and BioNTech for the companies’ vaccine. Approximately 14% of Maravai’s revenue in the first three quarters of 2020 was derived from Pfizer. Capping reagents have been reported to account for over one-half of the total costs of producing mRNA vaccines, such as Pfizer’s and BioNTech’s BNT16sb2 vaccine for COVID-19.

Maravai priced its IPO at $27 per share and issued 60,000,000 on Nasdaq under the symbol MRVI. While Maravai’s shares were priced at $27/share for its IPO, Maravai’s shares opened at $31.95 on November 20, 2020.

Recent Articles

Why Is This Billion-Dollar Cannabis Magnate Suddenly Interested In This Obscure Software Company?

Vision and brain biohacking -- An unlikely landing place for a former Cannabis tycoon, don’t you think? It’s exactly why today’s highlighted stock has completely...

Why This Small “Vision Biohacking” & AI Stock Could Have Big Upside in 2021

Breakthrough high-performance vision tech has ignited the pro sports world and is rapidly being adopted across multiple global industries — potential upside for investors...

Is Tesla a Buy Before S&P 500 Inclusion

After getting a boot a few months ago, Tesla is ready to grace the S&P 500 Index on December 21. Tesla shares have risen 24...

Is It a Good Idea to Wait for Airbnb to Go Public?

Airbnb is ready to go public this December. The company is expected to get listed on the Nasdaq under the ABNB symbol, led by...

Warren Buffett Invests in a New Secret Stock

Warren Buffett has invested in a new stock but he doesn’t seem to be ready to reveal the name yet. Berkshire Hathaway's 13F filing for...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox