BioNTech (BNTX) ADRs lost ~5% in the premarket on Thursday after Bloomberg News reported that Pfizer (PFE) is planning to sell its remaining stake in its partner, which helped the U.S. pharma giant to develop the Comirnaty COVID-19 vaccine during the pandemic.
The New York-based drugmaker is looking to offer about 4.55M American depositary receipts of BioNTech (BNTX) at $108 – $111.70 apiece via an overnight block trade, according to people familiar with the matter. The transaction could be valued at about $508M at the high end of the range.
When asked to comment on the report, German-based BioNTech (BNTX) said its collaboration with Pfizer (PFE) remains unchanged.
“We continue to have a close and strong collaboration,” Reuters reported, quoting a company spokesperson, who added that BioNTech (BNTX) would not comment on any capital market activities by its partner.