BioNTech to buy UK-based tech firm InstaDeep for AI-powered drug discovery
German biotechnology company BioNTech has agreed to acquire 100% of the remaining InstaDeep shares for an upfront consideration of around £362 million in cash and its shares following a Series B investment in the latter in January 2022.
Under the terms of the agreement, InstaDeep’s stakeholders are entitled to receive additional milestone payments of up to £200 million.
The acquisition complements BioNTech’s strategy to build enterprise-wide artificial intelligence (AI) capability to discover, design, and develop next-generation immunotherapies and vaccines.
The transaction is expected to help BioNTech increase its network of global research partners and increase its footprint in the US, Europe, Africa, and the Middle East.
Through the acquisition, BioNTech anticipates to add around 240 professionals to its workforce, including teams in machine learning, data science, bioengineering, and software development.
BioNTech to acquire UK-based tech firm InstaDeep for AI-powered drug discovery. Photo courtesy of Epizentrum/Wikimedia Commons.
Ugur Sahin — BioNTech CEO and Co-founder said: “Since the inception of BioNTech, we have focused on leveraging computational solutions to create personalized immunotherapies that can reach a wide patient population.
“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.”
The acquisition furthers collaboration between BioNTech and InstaDeep, which included the creation of an AI Innovation Lab in 2020 and completion of dozens of joint projects.
Post-closing, InstaDeep will operate as a UK-based global subsidiary of BioNTech from London headquarters.
Karim Beguir — InstaDeep CEO and Co-Founder said: “Together, we envision building a world leader that combines biopharmaceutical research and AI with the aim to design next-generation immunotherapies that enhance medical care – thus, helping fight cancer and other diseases.”
Subject to regulatory approval and customary closing conditions, the transaction is expected close in the first half of 2023.
Founded in 2014 in North Africa, InstaDeep is a decision-making AI systems provider and has offices in Paris, Tunis, Dubai, Lagos, Berlin, Cape Town, Boston, and San Francisco.