Pfizer is apparently divesting itself of its stake in pharmaceutical giant BioNTech. This also includes the partnership that began as part of the corona pandemic.
• Pfizer apparently sells BioNTech stake
• BioNTech shares under pressure
• End of a successful Corona partnership
The US pharmaceutical giant Pfizer is completely divesting itself of its stake in corona vaccine partner BioNTech. The Americans are selling all remaining shares in the Mainz-based biotech company in a major sale.
Billion dollar sale at a discount
Citing informed sources, Bloomberg reports that Pfizer is selling its entire stake of 4.55 million American Depositary Receipts (ADRs) from BioNTech. The sale takes place as part of a so-called block trade – a large over-the-counter transaction.
BioNTech shares in the red
The price set is between $108 and $111.70 per ADR share. According to Bloomberg calculations, this represents a discount of up to 3.3 percent compared to Wednesday’s closing price of $111.70.
In the best case scenario, this would give Pfizer a good half a billion dollars. For comparison: BioNTech has a market capitalization of almost $27 billion on the stock exchange – as of Wednesday’s close in the USA.
In fact, BioNTech shares are losing 6.28 percent to $104.68 in NASDAQ trading. Meanwhile, Pfizer shares on the NYSE gained 1.53 percent to $26.27.
End of a successful Corona partnership
The separation marks a significant turning point in the business relationship between the two companies. Pfizer and BioNTech jointly developed their groundbreaking COVID-19 vaccine in 2020, which has been used billions of times worldwide.
Part of the agreement at the time also included an equity investment from Pfizer in the German biotech company. With this current step, the US group is completely divesting itself of its shares.
Bank support for wholesale sales
Major bank JPMorgan is supporting the placement, according to people familiar with the matter. Representatives from both companies did not immediately respond to requests for comment.
Just a few days ago, Pfizer emerged as the winner of the bidding war with rival Novo Nordisk for the US obesity specialist Metsera. With the takeover worth up to ten billion dollars, Pfizer is entering the lucrative market for weight loss products.
Editorial team finanzen.net / dpa-AFX
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