One of the early backers of Germany’s BioNTech will pay a dividend of €600m to its own investors after selling most of its stake in the developer of the Covid-19 vaccine for a 4,500 per cent net return.
Munich-based venture capital fund MIG is making the payout after initially investing just over €13m in BioNTech, the start-up founded by Ugur Sahin and Ozlem Tureci in 2008.
BioNTech, which was initially focused on developing cancer therapies, had accumulated €425m in losses in the years since it was founded, according to regulatory filings compiled before it embarked on its coronavirus project in February 2020.
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