BioNTech fund pays €600m to early backers after vaccine success
MIG has provided funding to the German biotech company, which developed the vaccine with US drugmaker Pfizer, since 2008
Frankfurt — German venture capital firm MIG, which was among the first backers of Covid-19 vaccine developer BioNTech, has paid €600m to its investors, cashing out parts of an initial investment of €13.5m.
MIG said on Thursday that investors in its funds would now receive €340m from the sale of an unspecified stake in BioNTech, following a payout of €260m in 2020.
MIG’s funds have provided funding to BioNTech, which developed the vaccine with US drugmaker Pfizer, since the German biotech company’s inception in 2008.
BioNTech now has a market capitalisation of about $28.4bn, more than eight times its valuation of $3.4bn when it made its stock market debut on the Nasdaq in October 2019.
MIG general partner Kristian Schmidt-Garve said the investment firm was proud of BioNTech’s role in fighting the pandemic. “We are also very pleased that we could realise considerable returns for the shareholders in the involved funds, which amount to a multiple of the initial deposits.”
MIG did not say how many BioNTech shares were sold or how many it still holds in the company
According to the prospectus of a $512m BioNTech capital increase in July 2020, three MIG funds held a combined 3.9% in BioNTech after the capital raise, down from 4.4% before because they sold some shares.
BioNTech’s largest shareholders are biotech investors Thomas and Andreas Strüngmann, who hold about half the company’s shares between them.
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