Good news in the fight against a deadly disease.
German biotech company Biontech has raised 290 million euros from old and new investors. The firm from Mainz, which is Europe’s largest privately owned biotech company, specializes in individualized treatments for cancer. The new capital infusion shattered the previous record for a German biotech firm.
“This is the sort of sum usually taken in by the entire sector in a year,” said Siegfried Bialojan, life sciences expert at the business consulting and financial analysis company Ernst & Young.
Biontech was valued at some 2.3 billion euros after a previous round of funding but is worth considerably more now. The company says it will use its latest capital influx to further develop its medication pipeline and improve production infrastructure.