BioNTech IPO: What You Need To Know

An oncology biotech that promises individualized immunotherapies is part of the slate for the week.

The IPO Terms

Germany-based BioNTecg SE is proposing to offer 13.2 million ADSs, each ADS representing an ordinary share, in an IPO, according to a F-1/A filing. The company expects to price the offering between $18 and $20 per ADS.

At the midpoint of the estimated price range, the size of the offering is likely to be $250.8 million.

The company has applied for listing its shares on the Nasdaq under the ticker symbol "BNTX."

JPMorgan, Bank of America Merrill Lynch, UBS and SVB Leerink are the lead managers for the offering, while Canaccord Genuity, Bryan, Garnier & Co, and Berenberg are serving as co-managers.

See Also: IPO Outlook For The Week: Banking And Biotech

The Company

Founded in 2008, BioNTech uses a combination of immunology, cutting-edge therapeutics platforms and a suite of patient profiling and bioinformatic tools to develop individualized immunotherapies for cancer as well as other diseases.

Its product candidates are developed using numerous immunotherapeutic platforms across four drug classes, namely mRNA therapeutics, engineered cell therapies, antibodies and small molecule immunomodulators.

The company has established relationships with seven biopharma companies, including Roche Holdings AG Basel ADR RHHBY's Genentech, Sanofi SA SNY, GENMAB A/S/S ADR GMAB, Genevant Sciences, Eli Lilly And Co LLY, Bayer AG BAYRY and Pfizer Inc. PFE, which provide with R&D assistance and non-dilutive capital.

The Finances

BioNTech reported revenues from contracts of 127.58 million euros in 2018, up about 107% year-over-year. The loss for the year narrowed from 85.65 million euros to 48.02 million euros.

For the six months ended June 30, revenues from contracts rose roughly 20% to 51.94 million euros but the loss widened from 23.24 million euros in 2018 to 90.73 million in 2019.