Thirteen years ago, a little-known Munich venture capital fund made a € 13.5 million bet on a promising biotech company. This week, that went well, as MIG Fonds paid € 340 million in addition to a 2020 dividend payment of € 260 million, bringing the total distribution to MIG investors of their investment in BioNTech to € 600 million ( $ 719 million) to date. .
BioNTech BNTX, + 0.08% UK: 0A3M 22UA, -0.26% COVID-19 coronavirus disease vaccine, developed with US-based Pfizer PFE, + 0.24%, has been licensed for emergency use in countries such as the US, Canada and the UK, as well as the European Union. The payment is the largest in MIG history, which was co-founded in 2005 by Michael Motschmann, who serves as a member of BioNTech’s supervisory board. “We are proud of the tremendous success of our portfolio company and its contribution to overcoming the global pandemic with the world’s first COVID-19 mRNA vaccine,” MIG Partner Kristian Schmidt-Garve said Thursday at a release. Read: BioNTech now plans to produce 2 billion doses of its COVID-19 vaccine in 2021 MIG made its initial investment of € 13.5 in BioNTech, which was co-founded by Turkish-German scientists Uğur Şahin and Özlem Türeci, in 2008 when the company focused on developing cancer therapies. In October 2019, along with other investors, including billionaire twins Thomas and Andreas Strüngmann, MIG led BioNTech’s initial public offering on Nasdaq, which valued the company at $ 3.4 billion. Today, BioNTech’s market capitalization is more than $ 28 billion. MIG, which owned almost 6% of BioNTech after its IPO, will hold less than 1% of the shares in the Mainz-based company following its recent share sale. The venture capital fund, which has invested around € 580 million in more than 40 companies, was also an early backer of Sahin and Tureci’s first venture, Ganymed Pharmaceuticals, which focused on developing a new class. of anticancer drugs called ideal monoclonal antibodies. Ganymed was sold to Japanese pharmaceutical company Astellas Pharma 4503, + 2.76% ALPMF, + 3.85% for $ 1.4 billion in 2016.