BioNTech Raises Over $400 Million to Boost COVID-19 Efforts
BioNTech is one of the leading companies in the race to a COVID-19 vaccine. With its shares up more than 160% year to date, it’s time to capitalize.
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BioNTech S.E. (NASDAQ: BNTX) has been one of the leading companies in the race to a COVID-19 vaccine. Its partnership with Pfizer Inc. (NYSE: PFE | PFE Price Prediction) has brought BioNTech to the top, with its shares rising over 160% year to date. Now, it’s time to capitalize.
The company announced a secondary offering of 5,000,000 American depositary shares (ADSs), each representing one ordinary share, with an overallotment option to purchase an additional 750,000 ADSs.
The underwriters for the offering are JPMorgan, BofA Securities, Berenberg, UBS, Canaccord Genuity, Commerzbank, Wolfe Capital Markets and Bryan Garnier.
Certain new and existing investors, including Pfizer, have indicated an interest in purchasing up to an aggregate of $200 million in ADSs. However, these indications of interest are not binding agreements or commitments to purchase.
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The pricing for the offering has yet to be determined. With shares already posting a massive gain this year, BioNTech will make a nice chunk of change to put toward its research and operations.
At the most recent closing price of $88.20, the entire offering would be valued up to $441 million. Note that the company has a market cap of $21 billion, so this offering would constitute roughly 2% of the total cap.
BioNTech stock traded up about 6% to $93.83 on Tuesday, in a 52-week range of $12.52 to $105.00. The consensus price target is $55.39.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
