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 (email@example.com