BioNTech signs $11.1 billion deal

In a joint statement made by BioNTech and BMS, it was stated that the German company reached an agreement with the US company to develop and commercialize the investigational cancer drug BNT327.

Under the agreement, BMS will pay BioNTech up to $11.1 billion in total for the collaboration. BioNTech will receive $1.5 billion as an upfront payment.

BioNTech developed the Covid-19 vaccine using mRNA technology and launched it in collaboration with US-based Pfizer. BioNTech earned approximately $19 billion in revenue from the mRNA vaccine in 2021.

BioNTech, which shifted its focus to developing cancer drugs after the Covid-19 outbreak, aims to launch its first cancer drug in 2026.

Following the news, BioNTech's shares rose nearly 20 percent to $114.75 in early trading.