German government to shift further 375m Euros to BioNTech

BioNTech (Nasdaq: BNTX) receives a grant of up to 375 million euros from an initiative of the Federal Ministry of Education and Research (BMBF) to support the accelerated development of SARS-CoV-2 vaccines. The milestone-based funding will be used to support the company's BNT162 mRNA vaccine program, which is being jointly developed with partners Pfizer (NYSE: PFE) and Fosun Pharma. The aim of the initiative is to advance the development and manufacture of vaccines in Germany and to drive expansion in the late phase of clinical trials. The BNT162 vaccine program is one of three programs supported by the BMBF initiative, which will provide a total of up to € 750 million for its recipients. Shares rose 4% prior to launch.