(RTTNews) - BioNTech SE (BNTX), an immunotherapy company, on Monday announced the completion of its acquisition of Biotheus, a clinical-stage biotechnology company focused on the development of novel antibodies for cancer and inflammatory diseases.
The acquisition, initially announced in November 2024, bolsters BioNTech's oncology strategy and enhances its capabilities in bispecific antibody development.
Under the terms of the acquisition, BioNTech gains global rights to BNT327, an investigational bispecific antibody targeting PD-L1 and VEGF-A, along with other promising candidates from Biotheus' pipeline.
The deal also provides BioNTech with access to Biotheus' antibody generation platform and bispecific antibody-drug conjugate technology.
Biotheus will now operate as an indirect Chinese subsidiary of BioNTech, expanding BioNTech's global network with a local research and development hub and an advanced biologics manufacturing facility.
The total consideration for the acquisition amounts to $800 million, primarily in cash, along with additional performance-based payments of up to $150 million depending on milestone achievements.
Commenting on the acquisition, Dr. Ugur Sahin, CEO of BioNTech said, "We are excited to welcome Biotheus and its innovative technology to BioNTech,".
He further added, "This acquisition enhances our oncology pipeline and positions us to make significant strides in the treatment of advanced cancers with our bispecific antibody platform."
BNTX closed Friday's (Jan.31 2025) trading at $123.77 up by 2.39%. In premarket trading Monday the stock is down 2.38% at $120.83.
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