What is lacking in the financing of biotechs in Germany?

Tübin­­gen-based biotech company Cure­Vac has raised a total amount of appro­xi­m­ately $640 million (€560 million) in a private finan­cing round in 2020. Parti­ci­pants include the German govern­ment through the Kredit­an­stalt für Wieder­auf­bau (KfW), the British group Glax­oS­mit­h­Kline (GSK) and the Qatar sove­reign wealth fund (QIA). A finan­cing round of this size is a major excep­tion in the history of German biotech compa­nies. When the decis­ion to go public is pending, these compa­nies almost exclu­si­vely decide to list in the USA. Why are biotech inves­tors so scarce in Germany and the regu­la­tory envi­ron­ment so unat­trac­tive for biotech companies?