Pfizer is selling its remaining stake in COVID-19 vaccine partner BioNTech.
The U.S. drugmaker is offering about 4.55 million American depositary receipts in an overnight block trade, marketed at between $108 and $111.70 per share, according to a Nov. 13 report from Bloomberg. At the high end of the range, the stake sale is valued at approximately $508 million.
Pfizer and BioNTech collaborated in 2020 to develop a COVID-19 vaccine, one of the pandemic’s most profitable products. Though the companies continue to work together on vaccine formulations, Pfizer’s equity interest in BioNTech was part of their initial partnership.
BioNTech’s U.S.-listed shares fell 3.6%, while Pfizer’s dropped about 0.2%.
