BioNTech hires banks for IPO worth up to $800 million: sources
Summary
Bank of America and JP Morgan have been retained as global coordinators for the planned listing on the U.S. Nasdaq exchange some time in the fourth quarter or in early 2020, the sources said. It specializes in so-called messenger RNA (mRNA) molecules that instruct human cells to produce therapeutic proteins that trigger an immune response against cancer or infectious diseases. Pfizer last year agreed to pay the German biotech firm up to $425 million in an alliance to develop more effective influenza shots and also acquired a smaller stake in the company. BioNTech competes in the race for mRNA therapies with groups such as Massachusetts-based Moderna, whose market value peaked at $7.7 billion last month, as well as Belgium’s eTheRNA and domestic rival CureVac. Apart from Pfizer, the emergent mRNA field has seen drugmakers such as AstraZeneca, Eli Lilly and Sanofi partner up with biotech firms.
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