Truist raised the firm’s price target on BioNTech to $155 from $151 and keeps a Buy rating on the shares. The firm notes BioNTech (BNTX) and Bristol Myers (BMY) have entered into a deal to co-develop and co-commercialize BNT327. Truist thinks this is a good deal for BioNTech as it shares/derisks the considerable R&D expense, taps into the expertise of a leading IO drug developer with the footprint and infrastructure needed to maximize BNT327, and gives BioNTech $3.5B in upfront and near-term cash, plus $7.6B in potential milestones. All things considered, the firm thinks 50% profit share is fair, and positions BioNTech as an equal in this deal.
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