BioNTech lays out plans for $251M IPO; Trio teams up to form joint lab to research chronic lung diseases
→ Earlier this month, German cancer drug developer BioNTech laid out plans for a $100 million public listing in the US, two months after unveiling a massive $325 million in an upsized round of financing. However, the company later revealed that shares worth about $97 million had been delayed due to the political unrest in Hong Kong and the ongoing trade tensions between the US and China. Today, the company announced its plans to offer 13.2 million American depository shares at a price range of $18 to $20 to raise $251 million. At the midpoint of the proposed range, BioNTech would command a fully diluted market value of $4.5 billion. The company plans to list under the symbol $BNTX.
Joint bookrunners include JP Morgan, BofA Merrill Lynch, UBS Investment Bank and SVB Leerink.
→ Bayer, Brigham and Women’s Hospital and Massachusetts General Hospital are joining forces to launch a joint lab to research new drug candidates to treat chronic lung diseases. “The joint lab will host scientists from all three parties and Bayer is investing more than USD 30 million to fund joint research projects over the next five years,” they wrote in a statement.