Pfizer Is Said to Be Selling BioNTech Stake in Block Trade

Pfizer is selling its remaining holding in BioNTech via an overnight block trade marketed at $108 to $111.70 per American depositary receipt, according to people familiar with the matter.

• Unregistered offering of 4.55 million ADRs in cancer and infectious diseases-focused biotech coming at as much as a 3.3% discount to Wednesday’s closing price, according to Bloomberg calculations
• Pfizer is selling all of its holdings in BioNTech: people
• Representatives for Pfizer and BioNTech didn’t immediately respond to requests for comment
• JPMorgan Chase is working on the offering
• The two companies collaborated in 2020 to jointly develop Covid-19 vaccine in a deal ...