BioNTech, the German biotech that is developing a Covid-19 vaccine with Pfizer, has raised $250m in private financing from Temasek and other accredited, unnamed investors.

This private placement includes an investment of $139m in ordinary shares and $112m in four-year mandatory convertible notes.

BioNTech co-founder and CEO Ugur Sahin noted:We are pleased to welcome Temasek onboard as a new shareholder.

“We believe their long-term investment approach, global presence, and deep experience in the biotechnology field are a good fit with our vision to build a leading global biopharmaceutical company.”