BioNTech SE

Investment Summary

• BioNTech SE, headquartered in Mainz, Germany, is a biotechnology company established by the oncologist Uğur Şahin in 2008. The Company has successfully launched the Covid-19 vaccine and expects EUR 15 billion in excess cash at the end of year 2022.

• While the Covid-19 vaccine is a non-recurring success, it offers evidence of the Company’s capabilities in effectively orchestrating scientific research, project management, manufacturing, and logistics.

• The Company has designed a multi-platform immuno-oncology strategy with focus on targeting cancer and immunomodulation, leveraging on the recent discoveries in genome editing.

• BioNTech is pursuing multiple blockbuster opportunities with synergistic combinations and has a competitive advantage over its peers due to its balance sheet and the ability of its management to establish connections and alliances across the whole value chain.

• We estimate BioNTech’s intrinsic value at [...]

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