San Diego's Pfizer supplier Maravai LifeSciences jump 18 per cent in US debut
by SOURAV D | VIEW 1704
On Friday, shares of Maravai Lifesciences, a San Diego-based supplier of a reagent for Pfizer and BioNTech’s pandemic vaccine, snowballed as much as 18 per cent in their US public market debut. On top of that, a day earlier the Californian researcher of drug therapies, diagnostics and novel vaccines, Maravai had raised a stark upsum of $1.62 billion at its oversized Initial public offering, pointing towards a growing investors’ bet over Pfizer Inc.
vaccinewhich had filed an application for an emergency use of its vaccine to US FDA (Food and Drug Admin supplier of a reagent for Pfizer andistration) late on Friday.
Pfizer supplier Maravai shares surge 18 per cent in US debut
In point of fact, an upbeat opening of Maravai LifeSciences Holdings Inc.’s shares in Nasdaq on Friday comes over the heels of an inflated Initial Public Offering of the biotech firm that sold off roughly 60 million shares at the higher end of its target range between $24 to $27 per share, while the company had opened up Friday’s market at $31.95 apiece, up from its IPO pricing of $27 per share, valuing the company at $8.12 billion.
Notably, Pfizer Inc., which accounted for roughly a seventh of Maravai’s entire revenue, had filed an application for emergency use of its pandemic vaccine, which had shown over 95 per cent efficacy to block out the pandemic pathogen with no serious side-effects.
More importantly, a buoyant debut of Maravai in Nasdaq had underscored a likely mass-scale production of its reagents for Pfizer Inc.’s pandemic vaccine, while media headlines had reported earlier in the day that the EU Commission had set aside about $10 billion for millions of shots of Sinovac and Pfizer vaccine which was developed in collaboration with its German Peer BioNTech, highlighting an upscaled significance of Maravai LifeSciences Holdings Inc.
over the coming weeks, should US FDA authorize an emergency use of Pfizer Inc.’s pandemic vaccine.