BioNTech To Buy Biotheus In Upfront Payment Of $800 Mln

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(RTTNews) - BioNTech SE (BNTX) announced Tuesday that it has signed an agreement to acquire Biotheus, a clinical-stage biotechnology company focused on novel antibodies, for $800 million in cash and shares.

Under the deal terms, upfront consideration of $800 million is predominantly in cash, with a small portion in American depositary shares. The deal also includes an additional performance-based contingent payments of up to $150 million if certain milestones are met.

The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including regulatory approvals.

Upon closing, BioNTech will gain full rights to Biotheus' pipeline candidates and its in-house bispecific antibody drug conjugate capability. BioNTech will obtain full global rights to the late-stage clinical asset BNT327/PM8002, an investigational bispecific antibody targeting PD-L1 and VEGF-A.

BioNTech and Biotheus had entered into an initial exclusive global license and collaboration agreement, which closed in November 2023, granting BioNTech the rights to develop, manufacture and commercialize BNT327/PM8002 globally ex-Greater China.

BioNTech expects the purchase to expand its footprint in China, adding a local research and development hub to conduct clinical trials. In addition, BioNTech will gain a state-of-the-art biologics manufacturing facility. More than 300 Biotheus employees in R&D, manufacturing and enabling functions are expected to join the BioNTech workforce.

BioNTech and Biotheus plan to initiate multiple registrational trials with BNT327/PM8002 in late 2024 and 2025. Further clinical trials evaluating BNT327/PM8002 as combination therapies are planned to start in 2024 and 2025.

Ugur Sahin, CEO and co-founder of BioNTech, said, "The acquisition of Biotheus builds on our successful ongoing collaboration on BNT327/PM8002 and other investigational bispecific antibodies. We believe that BNT327/PM8002 has the potential to set a new standard of care in multiple oncology indications, surpassing traditional checkpoint inhibitors. We are committed to advancing its research and development in combination with our investigational mRNA vaccines, targeted therapies, and immunomodulators with the aim of enhancing outcomes for patients with solid tumors."

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