BioNTech SE (BNTX) shares surged 5.15% in pre-market trading on Tuesday, following the announcement of a major cancer drug development deal with Bristol Myers Squibb. The agreement, which could be worth up to $11.1 billion, marks a significant milestone for the German biotech company best known for its Covid-19 vaccine.
Under the terms of the deal, BioNTech will receive an upfront payment of $1.5 billion and $2 billion in installments through 2028. Additionally, the company is eligible for up to $7.6 billion in development, regulatory, and commercial milestone payments. This partnership aims to accelerate the development of BioNTech's experimental cancer drug, potentially expanding its portfolio beyond Covid-19 vaccines.
The substantial deal highlights the growing interest in innovative cancer treatments and solidifies BioNTech's position in the oncology market. It also comes at a time when biotech companies are gaining renewed attention due to rising Covid-19 cases in several Asian countries. While BioNTech's Covid-19 vaccine remains a crucial part of its business, this cancer drug partnership demonstrates the company's commitment to diversifying its pipeline and leveraging its mRNA technology platform for other therapeutic areas.
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