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BioNTech Discloses Addl Details Of Pfizer Collaboration On COVID-19 Vaccine

BioNTech (BNTX) disclosed additional details of an collaboration with Pfizer Inc. (PFE) to advance candidates from BioNTech's mRNA vaccine program.

The collaboration aims to rapidly advance multiple COVID-19 vaccine candidates into human clinical testing based on BioNTech's proprietary mRNA vaccine platform.

As per the terms of the agreement, Pfizer will pay BioNTech $185 million in
upfront payments, including a cash payment of $72 million and an equity
investment of $113 million.

BioNTech is eligible to receive future milestone payments of up to $563 million for a potential total consideration of $748 million. Pfizer and BioNTech will share development costs equally.

Initially, Pfizer will fund 100 percent of the development costs, and BioNTech will repay Pfizer its 50 percent share of these costs during the commercialization of the vaccine.

The two companies plan to jointly conduct clinical trials for the COVID-19 vaccine candidates initially in the United States and Europe across multiple sites. BioNTech and Pfizer intend to initiate the first clinical trials as early as the end of April 2020, assuming regulatory clearance.

BioNTech and Pfizer will also work jointly to commercialize the vaccine worldwide, excluding China, which is already covered by BioNTech's collaboration with Fosun Pharma, upon regulatory approval.

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