Here's Why BioNTech Jumped Today

Shares of BioNTech (NASDAQ: BNTX) rose as much as 14.9% today after the company announced a private placement of approximately $250 million. Temasek, Singapore's state investor, agreed to purchase $139 million in common stock and $112 million in convertible debt.

BioNTech is working on a coronavirus vaccine based on its mRNA technology platform. Pfizer (NYSE: PFE) has thrown its capital, reputation, and institutional knowledge behind the effort and the development-stage biopharma, which has catapulted the German company into the global spotlight.

As of 12:37 p.m. EDT, the pharma stock had settled to a 8.3% gain.

Source Fool.com