The BioNTech company and Pfizer revealed details of its cooperation in the development of mRNA vaccines from the portfolio of the company BioNTech, which was announced in March 2020.
This cooperation is aimed at the rapid elimination of several vaccine candidates against COVID-19 to the stage of clinical trials. Vaccines based on the patented platforms of mRNA vaccines company BioNTech. The companies plan to conduct joint clinical trials of vaccine candidates against COVID-19 at several sites in the United States and Europe. Clinical studies could begin in late April 2020.
The company is also teaming up for the launch of mass production of the vaccine worldwide (excluding China, where BioNTech is already cooperating with Fosun Pharma) after obtaining appropriate permits from regulatory authorities.
Under the agreement, Pfizer will pay BioNTech advance payment in the amount of $185 million, including investments in the company’s authorized capital in the amount of $113 million the Company shall also have the right to receive phased payments of up to $563 million with the possibility of obtaining investments for a total amount of up to $748 million from Pfizer and BioNTech will incur equal costs of vaccine development. Initially, Pfizer will Fund 100% of development costs, while BioNTech Pfizer is obligated to return half of these costs after the launch of mass production of the vaccine.