German-based BioNTech (BNTX), best known for its collaboration with Pfizer (PFE) during the COVID-19 pandemic for developing vaccines, found itself back in the spotlight this month. The company’s U.S.-listed shares surged nearly 18.1% on June 2 following the announcement of a major partnership with pharmaceutical heavyweight Bristol-Myers Squibb (BMY).
The two companies have agreed to jointly develop and commercialize BioNTech’s experimental cancer immunotherapy, BNT327, an early stage drug candidate designed to target various solid tumors. The headline-grabbing deal, worth up to $11.1 billion, including $3.5 billion in upfront and near-term payments, marks a major bet by Bristol-Myers Squibb on BioNTech’s next-generation cancer immunotherapy.
