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Germany's BioNTech sets price range for Nasdaq IPO

BioNTech SE set the price range of its IPO of American depositary shares at between $18 and $20 per share.

Germany's BioNTech is offering 13.2 million ADSs, with each ADS representing one ordinary share. The company expects to raise about $232.3 million in net proceeds, assuming a per ADS price of $19. It has applied to list the ADSs on the Nasdaq Global Select Market under the symbol BNTX.

J.P. Morgan Securities LLC, BofA Securities Inc., UBS Securities LLC, SVB Leerink LLC, Canaccord Genuity LLC, Bryan Garnier & Co. Ltd., Berenberg Capital Markets LLC, WR Securities LLC, Kempen & Co U.S.A. Inc. and Mirae Asset Securities (HK) Ltd. are acting as underwriters for the IPO. They have an option to buy up to an additional 1,980,000 ADSs from the company.

BioNTech is headed by Co-founder and CEO Ugur Sahin, while Sierk Poetting is its CFO and COO.

BioNTech plans to use the net proceeds to advance the clinical development of its cancer drug candidates BNT111, BNT113 and BNT114. The money will also be used to fund the company's portion of research and development expenses in its ongoing collaboration programs with Roche Holding AG's unit Genentech Inc., Sanofi and Genmab A/S.

The company also expects to use the funds for advancing other product candidates through phase 1 clinical trials and for expanding its manufacturing and laboratory capacity. Remaining proceeds are expected to be used for general corporate purposes and acquisitions or investments, though the company has no such agreements.