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BioNTech raises $325M series B round to advance cancer pipeline

July 09, 2019 / Nick Paul Taylor

BioNTech has raised $325 million (289 million Euros) in a private fundraising round. The series B positions the immuno-oncology player to advance its multidrug clinical pipeline and grow its manufacturing footprint. Mainz, Germany-based BioNTech operated for a decade without raising a headline-grabbing round, opting instead to run on money from its billionaire majority owners and partnership fees, such as the $310 million in upfront and near-term milestones put up by Genentech. That changed early in 2018 when BioNTech raised $270 million in a Redmile Group-led series A round. Now, BioNTech has raised $325 million in a round led by Fidelity Management & Research Company. Other existing investors including Redmile and the Struengmann Family Office contributed to the series B round, but two-thirds of the cash came from new investors. BioNTech will use the cash to build on the work facilitated by its series A round. The company now has seven candidates in eight clinical trials. BioNTec...