As the Mainz-based group announced on Tuesday, Biontech specifically plans to make an upfront payment of around £362 million (410 million Swiss francs) in cash and Biontech shares for the acquisition of Instadeep. The intended acquisition will expand the workforce to approximately 240 experts and provide access to a global network of research partners in artificial intelligence, machine learning and data science.
According to the information obtained, there is already a multi-year strategic partnership between the two companies; Biontech already owns Instadeep shares. In addition to the £362m, Instadeep shareholders will receive performance fees of up to £200m in total.
Biontech said the proposed acquisition will enable Biontech to create “a fully integrated, enterprise-wide capability to discover, design and develop next-generation immunotherapies at scale.”
After the acquisition, Instadeep will operate worldwide as a Biontech subsidiary and will remain headquartered in London. The acquisition is expected to be completed in the first half of this year, subject to regulatory approval. It was founded in 2014 and has offices in Paris, Tunis, Lagos, Dubai and Cape Town, according to Instadeep.
The planned takeover underlines the UK’s growing importance to Biontech. It was learned only a few days ago that the Mainz-based company wants to establish a research and development center for cancer treatment here. The goal is to treat up to 10,000 patients with personalized cancer immunotherapies by 2030 – either as part of clinical trials or as approved treatments.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
