The Board announced that, on 8 May 2021, Fosun Pharmaceutical Industrial and BioNTech entered into a term sheet in relation to the proposed setting up of a joint venture company for manufacturing and commercialization of the Coronavirus Vaccine Product, the equity interest of which shall be owned as to 50% by each of Fosun Pharmaceutical Industrial and BioNTech, respectively. Under the Term Sheet, Fosun Pharmaceutical Industrial agreed to make capital contribution at the value of not more than USD 100 million in cash and/or in tangible or intangible assets (comprising, among others, plants and manufacturing facility), and BioNTech agreed to make capital contribution in intangible assets including, among others, a license of the relevant manufacturing technology and know-how at the value of not more than USD 100 million. The Term Sheet is expressly to be legally binding on each party thereto in relation to the obligation to perform any act as is required for the Formation of JV but it is contemplated under the Term Sheet that the parties shall further enter into the definitive transaction documents in relation to the Formation of JV. Term and place of incorporation:
The term of the JV Company shall be 15 years commencing from its establishment, and the place of incorporation shall be Shanghai, the PRC.
The parties entered into the Term Sheet for the Formation of JV to further perform the arrangement under the Amendment No. 1 in connection with the local manufacturing of the Coronavirus Vaccine Product. The specific matters of the Formation of JV are subject to further negotiation and entering into definitive transaction documents by parties, and the terms under such definitive transaction documents shall prevail.