9/15/2020, 3:02 PM (Source: TeleTrader)
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BioNTech to get $450M from Germany for vaccine research

BioNTech SE and announced on Tuesday it will receive nearly $450 million from the German government as support for its COVID-19 vaccine research that the company is jointly conducting with Pfizer Inc.

The company plans to use the funding for the development of a coronavirus vaccine in partnership with Pfizer Inc., as well as to expand production scope in Germany and raise the number of people involved in the late-stage testing. "The funding is an important contribution to accelerate the development and expansion of our production capacity for a COVID-19 vaccine in Germany," BioNTech Chief Executive Ugur Sahin revealed.

Previously, Biotech and Pfizer Inc. joined efforts showed reduced side effects and led to successful results in their coronavirus vaccine Phase 1 trial. Consequently, the company announced that it will apply for approval in October and the European Union revealed its commitment to buy 200 million doses of the vaccine from BioNTech and Pfizer Inc.

Breaking the News / AM