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BioNTech is planning US IPO
Posted on Tuesday, 10 September 2019 13:26
BioNTech, a German immunotherapy company, has announced plans to offer American Depositary Shares in an initial public offering (IPO) on Nasdaq.
The business published a registration document with the US Securities and Exchange Commission but did not disclose the number of stocks or the price at which they will be sold.
BioNTech did set a placeholder of USD 100.00 million; however, previous media reports, including one by Reuters that cited people familiar with the matter, suggested the flotation could fetch USD 800.00 million.
These same insiders told the news provider in March this year that the company is planning a listing for early 2020 and could be valued at around USD 4.00 billion.
JPMorgan, Bank of America Merrill Lynch, UBS Investment Bank and SVB Leerink have been appointed to underwrite the IPO, with Canaccord Genuity, Bryan, Garnier & Co and Berenberg, among others, also working on the deal.
Founded in 2008 and headquartered in Mainz, BioNTech is billed as Europe’s largest private biotechnology firm by numbers.
Its pipeline includes individualised RNA-based products, innovative chimeric antigen receptor T cells, checkpoint immunomodulators and small molecules.
BioNTech collaborates with other businesses such as Eli Lilly, Genmab, Sanofi, Bayer Animal Health and Pfizer.
In the six months to 30th June 2019, the group posted revenue of EUR 51.94 million, up 19.7 per cent from EUR 43.40 million in the corresponding period of 2018.
Loss before tax widened to EUR 90.83 million in H1 2019 (H1 2018: EUR 23.30 million loss).
Proceeds from the IPO will be used to fund the clinical trials of the company’s product candidates, as well as to develop additional drugs and expand its manufacturing capacity.
Any remaining profits, as well as cash and cash equivalents, will be used for general corporate purposes.
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