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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