FRANKFURT: German biotech CureVac said on Friday it had filed for an initial public offering in the United States as it races to develop a vaccine for Covid-19. The company, valued at around $1.6 billion and backed by Microsoft Corp co-founder Bill Gates whose foundation has been a shareholder and provided grants, started its clinical study in healthy volunteers in June.

Results of the safety-focused trial are expected in the fourth quarter of 2020, regulatory filings showed. It previously had said approval was possible in the middle of next year, under favourable conditions.