Mirae Assets logs 150% return from German biotech startup exit
Apr 17, 2020 (Gmt+09:00)
Mirae Asset Daewoo Co. Ltd. has earned a 150% return on a $15 million investment in German biotechnology firm BioNTech SE in nine months, securing $22 million in net proceeds from the divestment.
It has disposed of its stake in the Nasdaq-listed startup soon after the lockup period expired early this month, the South Korean brokerage firm said on April 16.
The divestment marked the first exit for the joint fund managed by Mirae Asset Capital Co. Ltd.
Shares of BioNTech, a developer of mRNA-based vaccine candidates, rallied in March after it announced a Covid-19 vaccine development in partnerships with Pfizer Inc. and China’s Fosun Pharmaceuticals.
It plans to begin human testing of the Covid-19 vaccine later this month.