BioNTech, a pharmaceutical development firm based in Mainz, Germany, said it would receive up to 375m euros in funding from the German government to support the “rapid development” of the vaccine for the treatment of the new type of corona virus (Covid-19).
The German Federal Ministry of Education and Research’s (BMBF) Special Programme for the Covid-19 vaccine will provide funding support of up to 375 million euros, BioNTech said in a statement.
The company developed a vaccine project called Bnt162b1 against Covid-19 in partnership with China-based Shanghai Fosun Pharmaceutical (Fosun Pharma) and US pharmaceutical company Pfizer, the statement said, noting that the support received from BMBF will be used to fund part of the project.
BioNTech Senior Manager (CEO) and co-founder Prof. Dr. Uğur Şahin expressed gratitude for BMBF’s support for providing a “safe” and “effective” vaccine, stressing that funding from the German government would make a significant contribution to the development of the company’s Covid-19 vaccine production capabilities in Germany.
Meanwhile, the German government will provide 252m euros in financial support to Curevac, another biotech company working to produce vaccines and biomedical drugs for the Covid-19 treatment.
In June, the German government bought a 23 per cent stake in Curevac for 300m euros.