In a regulatory filing, BioNTech (BNTXHe said, “BioNTech previously disclosed that it was in discussions with the University of Pennsylvania regarding royalties and other related amounts allegedly owed on sales from the company and its collaborative partner, Pfizer (PFE) Covid-19 vaccine since its marketing. On December 23, 2024, the Company entered into a binding term sheet with Penn providing terms under which the Company would retain licensing rights under certain of Penn’s patent rights in order to allow it to continue to develop and commercialize the licensed products. Under the terms of the Term Sheet, the Company and Penn will enter into a settlement agreement, pursuant to which the Company will pay, among other things, up to $467 million to Penn, including $400 million in royalties for calendar years 2020-2023, up to $15 million. US funding to extend the company’s and Pennsylvania’s Vaccine Alliance research period by three years, and US$52 million as a contribution to the R&D Investment Fund for… Managed jointly by the company and Pennsylvania. In no event shall the Company’s execution of the Term Sheet constitute an admission of liability with respect to any claim brought by Penn, which the Company expressly denies, and nothing in the Term Sheet shall be deemed or construed as an admission by the Company as evidence supporting any such claim, or any matter of fact or law, or any violation of law or any other liability whatsoever. According to the term sheet, the company and Penn have agreed to enter into a side letter to PSA to provide a low-single-digit percentage on net sales of licensed products for 2024 onwards and to provide a framework for licensing for use together products that will include a COVID-19 vaccine used in combination with other active pharmaceutical ingredients. The Company and Ben also agreed in the term sheet to make amendments to the existing collaboration and licensing agreement, dated October 9, 2018, as amended on September 8, 2021 and December 22, 2021, including extending the research period by three years. , in connection with which the Company will provide additional financing of up to $15 million as discussed above, and the existing Collaboration and License Agreement is dated January 18, 2023. Upon partial receipt of the settlement payment, Penn agreed to dismiss Penn’s lawsuit against the Company and its former subsidiary, BioNTech RNA Pharmaceuticals, in the U.S. District Court for the Eastern District of Pennsylvania in connection with historical property rights. dispute between the parties, and waive any claims or rights that Penn may have against the Company in connection with this historical proprietary rights dispute. “In connection with the Term Sheet and Proposed Settlement Agreement, Pfizer has agreed to compensate the Company for up to $170 million in claimed royalties payable to Penn for 2020-2023 sales in connection with the Proposed Settlement Agreement.”
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