German Drugmaker Stada Is Pushing Back IPO Until September
Stada Arzneimittel AG 's private equity owners are pushing back a planned initial public offering of the German drugmaker until September, people with knowledge of the matter said.
Bain Capital and Cinven decided to delay the listing due to the recent market volatility, the people said, asking not to be identified because the information is private. They had originally planned to launch the share sale as soon as this week, according to the people.
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BioNTech buys mRNA, courtroom rival CureVac in all-stock deal
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. COVID vaccine maker BioNTech is buying rival CureVac, announcing Thursday an all-stock deal weeks before the two companies were due to face off in a German court over potentially billions of dollars worth of royalties related to intellectual property on messenger RNA drugs. Per deal terms, each CureVac share will be exchanged for about $5.46 worth of BioNTech's U.S.-listed shares, valuing the company at $1.25 billion. Upon the deal's close, CureVac shareholders will own between 4% and 6% of BioNTech. In the early days of the COVID-19 pandemic, BioNTech and CureVac were among the companies racing to develop the first coronavirus vaccines. BioNTech, however, partnered with Pfizer and won approval of the first COVID-19 shot, while CureVac's program never made it to market. The two companies have since been embroiled in patent litigation. CureVac was a leading candidate to develop the first COVID-19 vaccine, launching rumors, later denied, that the U.S. government might even buy the company or its research. But while BioNTech and fellow mRNA drugmaker Moderna succeeded in making vaccines that saved millions of lives and earned billions of dollars in revenue, CureVac fell short. Its initial project wasn't effective enough at preventing sickness, prompting it to scrap development. A year later, CureVac sued BioNTech, claiming it infringed four patents. CureVac has since changed course, selling off most rights to influenza and COVID-19 vaccines to partner GSK and focusing on cancer instead. But its legal spat with BioNTech has lingered. The European Patent Office had upheld two CureVac patents, and a trial in a Dusseldorf regional court was set on July 1 to determine if BioNTech had infringed on them. A separate trial in the U.S. was scheduled to begin Sept. 8 in Virginia. Some Wall Street analysts, as a result, speculated that BioNTech's primary purpose is buying CureVac is to sidestep the risk of a loss in court. A single-digit percentage royalty awarded to CureVac could've cost BioNTech as much as $3 billion, Evercore ISI analyst Umer Raffat wrote in a note to clients. 'It seems to us that [BioNTech] assessed the cost of a cash settlement as substantially greater than the cost of buying [CureVac] outright,' Raffat wrote. The deal could also help BioNTech further its oncology ambitions. Like CureVac, BioNTech has made cancer research a top priority. It's invested in a variety of programs, from cell therapies to mRNA vaccines and a coveted type of bispecific antibody. Some are in advanced testing. CureVac's cancer vaccines are in earlier phases of development. A brain cancer shot has delivered early clinical data, while a lung cancer immunotherapy was cleared in April for human testing. The deal should help CureVac because of 'the early stage of the oncology pipeline and the need for a development partner to effectively compete in personalized cancer vaccines – which [BioNTech] is well positioned to execute,' wrote Leerink Partners analyst Mani Foroohar. Raffat, of Evercore ISI, however, wrote that the deal ascribes 'very little value' to CureVac's pipeline. Recommended Reading Recursion to acquire two Canadian drug discovery startups Sign in to access your portfolio
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David Lynch Explains Florian Wirtz's Liverpool Move
Liverpool's Elite Move for Florian Wirtz Signals a Bold New Era Florian Wirtz Deal Shows Liverpool Are Shopping Top Shelf Liverpool supporters woke up to a seismic shift on Friday the 13th. Contrary to superstition, it proved a day of jubilation as the club confirmed a deal with Bayer Leverkusen for Florian Wirtz. As revealed on Anfield Index's Media Matters podcast, journalist David Lynch was unequivocal in describing it: 'This is a huge, huge transfer.' Speaking with host Dave Davis, Lynch highlighted the rarity and scale of this kind of signing: 'To win one of those races is rare… Liverpool have seen off every competitor to sign one of the most exciting young players in world football.' That list of competitors, notably including Bayern Munich and Manchester City, makes the capture all the more impressive. Recruitment Confidence and a Club on the Rise Though Liverpool's recruitment strategy has historically leaned towards undervalued talents, Lynch was quick to stress that this isn't a shift in philosophy. 'People at Liverpool actually suggest to you this isn't actually a departure from our approach,' he said. 'Every time there's a transformational signing on the market who wants to join us… we will push the money out there.' Advertisement He added that the attacking profile naturally drives the fee up — reported in UK media as £100 million plus £16 million in potential bonuses — but reaffirmed confidence in the club's current recruitment staff. 'They've been able to convince him this is the right place in sporting merit over other places,' said Lynch. The role of key Liverpool figures also came under praise. Lynch noted, 'Well done to Richard Hughes… well done to Arne Slot.' It's understood that their meeting with Wirtz was pivotal, showcasing not just a vision of collective success but also a tailored development path. More Than Just a Fee: Wirtz's Character and Commitment What stands out is not just the financial package or the skill set Wirtz brings, but the player's decision-making. 'City would have been the easy option. Bayern Munich would have been the easy option,' Lynch emphasised. 'To come to Liverpool, to accept lesser wages because you believe in the sporting project… for me is something special.' Advertisement While Lynch acknowledged he's no expert on German football personalities, he drew a telling comparison with another transformative Liverpool signing. 'It was hugely significant that Virgil van Dijk chose Liverpool,' he explained. Wirtz's decision to join despite more lucrative options, in Lynch's eyes, hints at a character aligned with Liverpool's ethos. What Wirtz Brings to Liverpool's Attack On the pitch, the excitement is just as real. Lynch pointed to the statistical dominance of Wirtz's performances. 'The numbers are unbelievable… assists, goals, chance creation — he's good at absolutely everything in the final third.' There is still uncertainty around where Wirtz will line up under Slot. Lynch admitted, 'I haven't heard anything specifically on position yet,' though speculation around a number 10 role or even as a false nine remains strong. Advertisement What is certain is Wirtz's versatility and quality. As Lynch put it, 'He defends a little bit like an attacking midfielder rather than an out-and-out number 10.' With Liverpool having 'walked the league last season,' adding such a dynamic talent could widen the gap even further. 'If you're one of the rivals… you'd be seriously worried,' said Lynch. Final Word: A Statement of Intent 'This is not normally like Liverpool,' said Dave Davis during the discussion, and he's right. This signing is bolder, louder and utterly deliberate. It speaks of a club ready not just to maintain its position but to dominate. Liverpool have made their move. The Premier League has been warned.
