Paul Hastings, Freshfields Advise on COVID-19 Vaccine Development in China
China's Fosun Pharmaceutical and Germany's BioNTech will jointly develop and commercialize a vaccine that prevents COVID-19 infections as the deadly virus is spreading aggressively around the globe.
March 18, 2020 at 11:45 AM
3 minute read
A laboratory worker removes a patient's sample test tube during coronavirus detection tests in the virology research labs at UZ Leuven university hospital in Leuven, Belgium, on Feb. 28. Photographer: Geert Vanden Wijngaert/Bloomberg
Paul Hastings and Freshfields Bruckhaus Deringer have the lead roles on an agreement that will see Chinese and German pharmaceutical companies join forces to develop a vaccine that prevents COVID-19.
Shanghai Fosun Pharmaceutical Co. Ltd. and Germany's Biopharmaceutical New Technologies have agreed to form a strategic alliance to develop and commercialize a vaccine that prevents COVID-19 infections. As part of the agreement, Fosun Pharma will collaborate with BioNTech on developing the German company's mRNA vaccine candidate BNT162 in China.
BioNTech will license its proprietary mRNA therapeutics for up to $85 million from Fosun, while the Chinese company will pay $50 million for an equity investment in the German company. Fosun Pharma, the health care arm of the Chinese conglomerate, will leverage its experiences and commercial capabilities in China in conducting clinical trials for the BNT162 vaccine.
Nasdaq-listed BioNTech researches and develops immunotherapies for cancer and other serious diseases.
Paul Hastings advised longtime client Fosun Pharma with a team led by Shanghai partner Jia Yan. Yan was also supported by Washington, D.C.-based regulatory partner Scott Flicker and Frankfurt-based corporate partner Regina Engelstaedter. Last year, Yan also led a Paul Hastings team acting for Fosun Pharma on its $1.4 billion sale of Chinese private hospital operator United Family Healthcare.
Freshfields Hamburg partner Peter Versteegen led a team representing BioNTech on the Fosun deal. Previously, the firm has advised BioNTech on partnerships with the Roche Group and Bayer in developing mRNA vaccines and therapeutics. Last year, Versteegen and fellow Hamburg partner Jochen Dieselhorst also advised BioNTech on its $150 million listing on Nasdaq.
The German biotech company was also represented by Covington & Burling in the U.S. In January, Covington advised BioNTech on a $67 million acquisition of Cambridge, Massachusetts-based biotech company Neon. The firm also advised BioNTech on its 2019 IPO.
U.K. firm Stephenson Harwood was also co-counsel to BioNTech.
Concurrent with its deal with Fosun in China, BioNTech is also partnering with Pfizer Inc. in developing a COVID-19 vaccine for markets outside of China.
As of March 18, there are nearly 200,000 confirmed cases of the novel coronavirus globally, with nearly 8,000 people killed.
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