BioNTech SE (BNTX), Friday reached two separate settlements with the U.S. National Institutes of Health, and the University of Pennsylvania regarding the royalties payment of COVID-19 vaccine.
The Germany-based company has agreed to pay $791.5 million to the U.S. agency, whereas it would pay $467 million to UPenn to dismiss the lawsuit.
Moreover, BioNTech's partner Pfizer (PFE) for its COVID-19 vaccine has agreed to reimburse the company for up to $170 million of the claimed royalties payable to Penn for 2020-2023 sales in connection with the proposed Settlement Agreement.
Concurrently, the company has amended its license agreements to provide for a low single-digit percentage royalty on Net Sales of Licensed Products for 2024 onwards.
Currently, BioNTech's stock is trading at $114.25, up 0.42 percent on the Nasdaq.
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