BioNTech has signed a definitive agreement to acquire Biotheus to obtain complete worldwide rights to BNT327/PM8002, a programmed death-ligand 1 and vascular endothelial growth factor A-targeting bispecific antibody.
This acquisition is set to align with BioNTech's oncology strategy to improve its capabilities in researching, developing, and commercialising combination therapies.
Under the agreement, BioNTech will pay an $800m upfront consideration to shareholders of Biotheus, primarily in cash, including a portion in American depositary shares, to obtain 100% of the latter’s issued share capital.
The deal also includes up to $150m in performance-based contingent payments upon achieving particular milestones.
The transaction is anticipated to conclude in the first quarter (Q1) of 2025, subject to regulatory approvals and customary closing conditions.
With the completion of the acquisition, BioNTech is set to obtain complete rights to the pipeline products and bispecific antibody-drug conjugate technology of Biotheus, expanding its presence in China with a new research and development hub and a biologics manufacturing facility.
More than 300 employees of Biotheus are anticipated to join BioNTech.
The initial collaboration between the two companies began with an exclusive worldwide license and partnership agreement that began in November last year. As per this agreement, BioNTech holds the global manufacturing, commercialising, and developing rights of the antibody, excluding Greater China.
Registrational trials of BNT327/PM8002 are planned to commence later this year and next year, which include evaluations in combination with chemotherapy for solid tumour indications such as small cell lung cancer, non-small cell lung cancer, and triple-negative breast cancer.
BioNTech CEO and co-founder Professor Ugur Sahin said: "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 [messenger ribonucleic acid] vaccines, targeted therapies, and immunomodulators with the aim of enhancing outcomes for patients with solid tumours."
In February this year, BioNTech entered into a strategic partnership with Autolus Therapeutics to advance autologous chimeric antigen receptor cell therapy programmes.
