BioNTech enters agreement to acquire InstaDeep for GBP 362M in cash

BioNTech and InstaDeep announced that they have entered into an agreement under which BioNTech will acquire InstaDeep. The transaction includes a total upfront consideration of approximately GBP 362M in cash and BioNTech shares to acquire 100% of the remaining InstaDeep shares, excluding the shares already owned by BioNTech. In addition, InstaDeep shareholders will be eligible to receive additional performance-based future milestone payments up to approximately GBP 200M. The transaction follows BioNTech’s initial equity investment as part of InstaDeep’s Series B financing round in January 2022. The acquisition supports BioNTech’s strategy to build world-leading capabilities in AI-driven drug discovery and development of next-generation immunotherapies and vaccines to address diseases with high unmet medical need. The transaction will combine two organizations with a common culture and is expected to add approximately 240 highly skilled professionals to BioNTech’s workforce, including teams in AI, ML, bioengineering, data science, and software development. Through the acquisition, BioNTech will grow its network of global research collaborators in the field and expand its footprint in key talent hubs across the United States, Europe, Africa and the Middle East. "Since the inception of BioNTech, we have focused on leveraging computational solutions to create personalized immunotherapies that can reach a wide patient population," said Prof. Ugur Sahin, M.D., CEO and Co-founder of BioNTech. "The acquisition of InstaDeep allows us to incorporate the rapidly evolving AI capabilities of the digital world into our technologies, research, drug discovery, manufacturing, and deployment processes. Our aim is to make BioNTech a technology company where AI is seamlessly integrated into all aspects of our work." The transaction is expected to close in the first half of 2023, subject to customary closing conditions and regulatory approvals. Upon closing, InstaDeep will operate as a UK-based global subsidiary of BioNTech.