(Reuters) – Biotech startup Vaccitech Plc, which owns the technology behind the COVID-19 vaccine developed by Oxford University and AstraZeneca Plc, filed for a US IPO on Friday.
The UK company plans to list US depositary shares on the Nasdaq under the symbol “VACC”.
Vaccitech’s revenue declined approximately 30% to $ 4.8 million in the year ended December 31, even as its net loss narrowed to $ 17.9 million from $ 22.7 million due to lower research and development costs.
The company noted in a filing bit.ly/3t5lRs5 that based on its judgment, it would not be entitled to any royalties or payments from sublicensees from the commercialization of the AstraZeneca vaccine until after the pandemic is over.
Vaccitech’s preference for a US listing over a UK listing could further undermine London’s efforts to become a major financial center, especially after Brexit.
The company was co-founded by Sarah Gilbert, professor of vaccinology at the University of Oxford, who led the development of AstraZeneca through the development of COVID-19 vaccines.
Morgan Stanley, Jefferies and Barclays are among the underwriters on the offering.
Reporting by Praveen Paramasivam in Bengaluru; Edited by Vinay Dwivedi