BioNTech Announces New ADS Repurchase Program

Rhea-AI Summary

BioNTech SE (Nasdaq: BNTX) announced a new share repurchase program to acquire up to $0.5 billion of its American Depositary Shares (ADS) through 2023. This program follows a previous buyback that concluded in March 2023, where $1.3 billion was repurchased. The repurchased ADSs will be used to meet settlement obligations under share-based payment arrangements. The timing of these purchases will be contingent upon market conditions. The program complies with the Securities Exchange Act safe harbor provisions.

Positive

• New share repurchase program of up to $0.5 billion indicates confidence in company value.
• Previous buyback program completed with $1.3 billion repurchased, showing commitment to shareholder value.

Negative

• None.

MAINZ, Germany, March 28, 2023 (GLOBE NEWSWIRE) -- BioNTech SE (Nasdaq: BNTX, “BioNTech” or the “Company”) today announced that it has entered into a new share repurchase program (the “Program”), pursuant to which the Company may purchase American Depositary Shares, each representing one ordinary share (“ADS”), of the Company in the amount of up to $0.5 billion during the remainder of 2023. BioNTech expects to use all or a portion of the repurchased ADSs and the ADSs held in treasury to satisfy upcoming settlement obligations under the Company’s share-based payment arrangements. 

The timing and total amount of ADS repurchases will depend upon market conditions and may be made in open market purchases from time to time. The share repurchase program announced on March 31, 2022 of up to $1.5bn concluded on March 17, 2023 with a total repurchase amount of $1.3bn.

The Program has been designed to operate within the safe harbor provided by Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the affirmative defense provided by Rule 10b5-1 of the Exchange Act.

About BioNTech
Biopharmaceutical New Technologies is a next generation immunotherapy company pioneering novel therapies for cancer and other serious diseases. The Company exploits a wide array of computational discovery and therapeutic drug platforms for the rapid development of novel biopharmaceuticals. Its broad portfolio of oncology product candidates includes individualized and off-the-shelf mRNA-based therapies, innovative chimeric antigen receptor T cells, bi-specific checkpoint immuno-modulators, targeted cancer antibodies and small molecules. Based on its deep expertise in mRNA vaccine development and in-house manufacturing capabilities, BioNTech and its collaborators are developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global pharmaceutical collaborators, including Genmab, Sanofi, Genentech, a member of the Roche Group, Regeneron, Genevant, Fosun Pharma, and Pfizer. For more information, please visit www.BioNTech.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s intent to repurchase, from time to time, the Company’s ADSs. Any forward-looking statements in this press release are based on BioNTech’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking. These risks and uncertainties include, but are not limited to: changes in the market price of the Company’s ADSs, general market conditions and applicable securities laws. For a discussion of these and other as well as the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. The “forward-looking statements” included in this press release are made only as of the date of this release. We do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.

BioNTech Contacts

Investor Relations
Michael Horowicz
Tel: +1 (617) 955 7420
E-mail: Investors@biontech.de

Media Relations
Jasmina Alatovic
Tel: +49 (0)6131 9084 1513
E-mail: Media@biontech.de

FAQ

What is the new share repurchase program for BioNTech (BNTX)?

BioNTech has announced a share repurchase program allowing for the purchase of up to $0.5 billion in its ADS through 2023.

When did BioNTech complete its last share repurchase program?

The last share repurchase program concluded on March 17, 2023, with a total repurchase amount of $1.3 billion.

What will BioNTech do with the repurchased ADS?

BioNTech plans to use the repurchased ADS to satisfy upcoming settlement obligations under its share-based payment arrangements.

How does BioNTech's share repurchase program impact its stock (BNTX)?

The share repurchase program aims to enhance shareholder value and may positively impact the stock price depending on market conditions.

What was the purpose of the previous buyback program by BioNTech?

The previous buyback program aimed to demonstrate commitment to shareholder value and resulted in the repurchase of $1.3 billion in shares.