Fosun Pharma Sells Down BioNTech Stake, Though Divorce Looks Unlikely
Summary
- Fosun Pharma said it sold 1.09 million BioNTech shares for $179 million, generating big profits after the stock rose more than fivefold from the original purchase price.
- Fosun Pharma said the sale won’t affect the two companies’ business alliance, which includes plans to bring BioNTech’s high-tech mRNA Covid vaccines to China.
- Fosun Pharma profited quite nicely from this investment, and will now almost certainly hand over some of those profits to Fosun International to help service its debt.
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