PFIZER BETS ON BIOTECH FLU VACCINE

PFIZER has agreed to pay German biotech firm BioNTech upto $425 million [Pound 334.33 million]  in an alliance to develop more effective influenza jabs, the latest among several major pharma companies to bank on a promising new genetic approach.

Privately held BioNTech will receive $120 million upfront plus up to $305 million depending on certain development achievements as well as tiered royalties on futures sales in the double digit percentage range, the two companies said in a statement.

Mainz-based BioNTech, valued at $2.3 billion in a January financing round, is specialising in so -called messenger RNA [mRNA] molecules that instruct human cells to produce therapeutic products or to launch an immune response.

The emergent field has seen drugmakers such as AstraZenecca, Eli Lilly and Sanofi partner up with biotech firms.

Flu jabs are currently produced from chicken eggs based on the previous flu season's viral strains.

The alliance partners hope to offer a vaccine that can be quickly adjusted to the latest viral mutations, which can also be a major advantage in case of a pandemic threat from avian flu.

Pfizer will take over testing on humans and commercialisation of BioNTech's flu vaccines once the German firm, which is Europe's largest unlisted biotech firm by staff numbers, has completed the first clinical study.

Having raised $270 million from investors early this year, BioNTech is also developing personalised immuno therapies for cancer and is eyeing a future public listing.

The company competes in the race mRNA therapies with groups such as Massachusetts-based  Moderna Therapeutics, Belgium's eTheRNA and domestic rival CureVac [Agencies]