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Mirae Asset makes $22m earnings from BioNTech investment

Financial group realizes profits by selling potential COVID-19 solution maker

Mirae Asset Financial Group headquarters in Seoul (Mirae Asset Financial Group)
Mirae Asset Financial Group headquarters in Seoul (Mirae Asset Financial Group)

Mirae Asset Financial Group said Thursday it has sold Nasdaq-listed German biotechnology firm BioNTech for $37 million, earning a hefty profit from its previous investment of $15 million.

The German company is known to hold one of the three mRNA-based substance that is currently a candidate for COVID-19 vaccines.

Three months after making its deal, the biotech firm went public on Nasdaq through the American Depository Receipt -- the way of making hard-to-trade foreign stocks available to investors in the US.

After fulfilling the mandatory safeguarding deposit period at the end of this month, Mirae Asset will realize nearly a 2.5 times of profit from its previous investment.

The BioNTech deal is the first retrieval from Mirae Asset-Naver Asia Growth Fund, which was launched in June 2018. Its overseas affiliate firms also invested together for the investment.

Mirae Asset has been a pioneering financial player here in terms of overseas alternative investments. Last year, the group’s asset managing arm earned 170 billion won ($138.5 million) in profit from selling Taunusanlage 8, a prime office building located in Germany’s Frankfurt.

By Jie Ye-eun (yeeun@heraldcorp.com)
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