BioNTech to pay $467M in settlement agreement with University of Pennsylvania

Source: Yahoo! Finance

Sat, December 28, 2024 at 9:40 AM EST


In a regulatory filing, BioNTech (BNTX) said, “BioNTech previously disclosed that it was in discussions with the University of Pennsylvania concerning royalties and other related amounts allegedly owed on sales of the Company’s, and its collaboration partner, Pfizer’s (PFE) COVID-19 vaccine since commercialization.

On December 23, 2024, the Company entered into a binding term sheet with Penn to provide terms on which the Company retains license rights under certain Penn patent rights in order to allow it to continue to pursue development and commercialization of Licensed Products.

Under the terms of the Term Sheet, the Company and Penn would enter into a Settlement Agreement, pursuant to which the Company would, among other things, pay up to $467M to Penn, consisting of $400M as royalties for calendar years 2020-2023, up to $15M in funding for a three-year extension of the research term of the Company’s and Penn’s vaccine alliance, and $52M as a contribution to a research and development investment fund to be jointly managed by the Company and Penn.

The Company’s execution of the Term Sheet does not in any way constitute an admission of liability with respect to any allegation raised by Penn, all of which the Company expressly denies, and nothing in the Term Sheet shall be taken as or construed to be an admission by the Company as evidence supporting any such allegation, any matter of fact or law, any violation of law or any other liability whatsoever.

Read more: https://finance.yahoo.com/news/biontech-pay-467m-settlement-agreement-144017173.html