Pfizer (PFE) is looking to sell its remaining stake in Covid-19 vaccine partner BioNTech (BNTX), Bloomberg’s Sonja Wind and Anthony Hughes reports. Pfizer is offering about 4.55 million American depositary receipts via an overnight block trade marketed between $108 to $111.70 per share, according to people familiar with the matter, who add that at the high end of the price range, the stake sale would be worth about $508M for Pfizer. Pfizer and BioNTech teamed up in 2020 to develop a Covid-19 vaccine that went on to generate billions of dollars worldwide and supply deals with the U.S. and European governments.
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