(Reuters) – The biotech company Vaccitech Plc, which owns the technology behind the COVID-19 vaccine developed by the University of Oxford and AstraZeneca Plc, submitted an initial public offering in the United States on Friday.
The British company plans to list the US depository shares on the Nasdaq under the symbol “VACC”.
Vaccitech’s revenue fell by about 30% to $ 4.8 million in the year ended December 31, even as the net loss decreased to $ 17.9 million from $ 22.7 million due to lower research and development costs.
The company stated in a submission of bit.ly/3t5lRs5 that, based on its understanding, it would not be entitled to receive royalties or payments from sublicensees for the commercialization of the AstraZeneca vaccine before the pandemic is over.
Vaccitech’s preference for a US listing in the UK could further undermine London’s efforts to become a major financial hub, especially after Brexit.
The company was co-founded by Sarah Gilbert, professor of vaccination at the University of Oxford, who led AstraZeneca’s COVID-19 vaccine development efforts.
Morgan Stanley, Jefferies and Barclays are among the underwriters of the offer.
Reporting by Praveen Paramasivam in Bengaluru; Edited by Vinay Dwivedi