Beijing and Shanghai – Paul Hastings LLP, a leading global law firm, announced today that it has advised Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”; Stock Code: 600196.SH, 02196.HK), one of the leading Chinese healthcare groups, in forming a strategic alliance with Biopharmaceutical New Technologies of Germany (“BioNTech”; Nasdaq: BNTX) to develop and commercialize a vaccine that prevents COVID-19 infections using BioNTech’s mRNA vaccine candidate BNT162.
Under the terms of the agreement, Fosun Pharma and BioNTech will work jointly on the development of BNT162 in China, conducting clinical trials by leveraging Fosun Pharma’s extensive clinical development, regulatory, and commercial capabilities in the country. Fosun Pharma will pay up to US$85 million in licensing fees to use BioNTech’s proprietary mRNA therapeutics, and make an equity investment of US$50 million for 1,580,777 ordinary shares in BioNTech, subject to execution of share subscription documentation and approval from regulatory authorities in China.
BioNTech is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. It exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals.
Paul Hastings has a long-standing relationship with Fosun and has represented the company and its subsidiaries in a number of significant transactions, including Fosun Pharma’s sale of stakes in United Family Healthcare, Fosun Tourism Group’s Hong Kong IPO, Fosun Group’s acquisition of a majority stake in Vienna-listed luxury textile maker and lingerie brand Wolford, and Fosun International’s acquisition, with TPG, of Cirque du Soleil, the Canadian entertainment and theatrical production company.
The Paul Hastings team was led by partner Jia Yan, co-chair of the firm’s mainland China offices, with support from Beijing of counsel Ting Wang. Washington D.C. partner Scott Flicker provided support regarding regulatory guidance. Frankfurt partner Regina Engelstaedter and associate Sebastian Ens gave German law advice. New York of counsel Keith Pisani rendered guidance on U.S. securities law.
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