Upfront payment of 410 million Swiss francs
Biontech plans largest takeover in its company history
The pharmaceutical company Biontech wants to take over a British start-up specializing in artificial intelligence. This would be the largest takeover in the history of the German company known for its corona vaccine.
The pharmaceutical company Biontech wants to take over a British start-up specializing in artificial intelligence. This would be the largest takeover in the history of the German company known for its corona vaccine. (archive image)
Specifically, Biontech is planning an upfront payment of around £362 million (410 million Swiss francs) in cash and Biontech shares for the acquisition of Instadeep, as the Mainz-based group announced on Tuesday. The intended takeover will add around 240 specialists to the workforce and open up access to a global network of research partners in the fields of artificial intelligence, machine learning and data science.
According to the information, there is already a multi-year strategic partnership between the two companies; Biontech already holds Instadeep shares. In addition to the £362m, Instadeep shareholders will receive a total of up to £200m in performance payments.
The proposed acquisition will allow Biontech to build “a fully integrated, enterprise-wide capability to discover, design and develop next-generation immunotherapies at scale,” Biontech said.
After the takeover, Instadeep will operate worldwide as a Biontech subsidiary and will remain based in London. The acquisition is expected to close in the first half of this year, subject to regulatory approval. According to Instadeep, it was founded in 2014 and has offices in Paris, Tunis, Lagos, Dubai and Cape Town.
The planned takeover underscores the increasing importance of Great Britain for Biontech. Only a few days ago it became known that the Mainz-based company wants to set up a research and development center for cancer therapy there. The aim is to treat up to 10,000 patients with personalized cancer immunotherapies by 2030 – either as part of clinical studies or as approved treatments.
(SDA)