Sanofi, a France-based multinational pharmaceutical company, is investing EUR80m in equity in BioNTech, which is claimed to be Europe's largest privately-held biopharmaceutical firm focused on the development of individualised therapies for cancer and the prevention of infectious diseases, it was reported yesterday.

According to the contract, BioNTech is eligible to receive USD60m in upfront and near-term milestone payments. The firm is also eligible to receive more than USD300m in development, regulatory and commercial milestones and other payments per product.

The company has the option to co-develop and co-commercialiSe two of the five mRNA therapeutics products with Sanofi in the European Union and the United States.