German biotech firm BioNTech SE has completed a $325 million Series B financing round, making it one of the largest single private funding rounds for a biotechnology company in European history.

Mainz-based BioNTech SE is a clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and other serious diseases.

The fund raising was led by Fidelity Management & Research Company with participation from both new and existing investors, including Redmile Group, Invus, MiraeAsset Financial Group, Platinum Asset Management, Jebsen Capital, Steam Athena Capital, BVCF Management and the Struengmann Family Office.

Two-thirds of the funding came from new investors.

The proceeds of the financing will support the continued advancement of BioNTech’s therapeutics pipeline and manufacturing infrastructure.

The company was spun out of the Johannes Gutenberg University Mainz in 2008.

BioNTech chairman Helmut Jeggle said: “BioNTech has executed on a highly disruptive business strategy that aims to change the treatment paradigm for cancer patients.

“We value the continued participation of our existing investors and welcome new investors to this powerful global syndicate representing North America, Asia and Europe.”

Prof. Ugur Sahin, CEO and co-founder of BioNTech added: “This financing round is a significant milestone that recognizes our scientific and initial clinical track record to date.

“With our ongoing focus on bringing together transformative technologies, it is exciting to have the support from high-technology investors who see the accelerating convergence of biology with bioinformatics, robotics and artificial intelligence as an opportunity to develop more precise, efficacious and cost-effective individualized immunotherapies.”

The funding follows the Series A financing of $270 million announced in January 2018, led by Redmile Group.