Germany-based mRNA-based vaccines and therapeutics maker BioNTech has agreed to acquire Chinese biotech company Biotheus, to advance its oncology strategy.
Biotheus is a clinical-stage biotechnology company that discovers and develops novel antibodies to address unmet medical needs in oncological or inflammatory diseases.
Under the terms of the deal, BioNTech will acquire 100% share capital of Biotheus for an upfront consideration of $800m in cash, partly in American depositary shares (ADS).
Biotheus shareholders would receive up to $150m in additional performance-based milestone payments, contingent on achieving certain milestones.
The acquisition is expected to be completed in the first quarter of 2025, subject to certain customary closing conditions, including regulatory approvals.
Upon closing, BioNTech will obtain full rights to Biotheus’ portfolio candidates and its in-house bispecific antibody-drug conjugate capability.
BioNTech said the acquisition will expand its footprint in China, with a local research and development hub that supports clinical trials.
Also, the German biotech firm will get an advanced biologics manufacturing facility to support its future global manufacturing and supply.
The proposed acquisition is expected to add more than 300 Biotheus employees working in R&D, manufacturing and enabling functions, to the BioNTech workforce.
BioNTech CEO and co-founder Ugur Sahin 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 tumours.”
The acquisition agreement builds on an initial exclusive global license and collaboration agreement between BioNTech and Biotheus, signed in November last year.
Under the collaboration, BioNTech was granted rights to develop, manufacture and market Biotheus’ late-stage clinical asset BNT327/PM8002 worldwide, excluding Greater China.
The acquisition will provide BioNTech full global rights to BNT327/PM8002, an investigational bispecific antibody targeting PD-L1 and VEGF-A.
BioNTech said the deal is part of its oncology strategy, focused on enhancing its capabilities to research, develop and commercialise combination therapies using BNT327/PM8002.
Also, the company plans to conduct multiple clinical trials of BNT327/PM8002, including combinations with chemotherapy and its unique antibody-drug conjugates, in 2024-2025.
Biotheus president, CEO, and co-founder Xiaolin Liu said: “We are thrilled to deepen our bond with BioNTech. We share the goal of advancing the development of BNT327/PM8002 for future combination therapies in the fight against cancer.
“We believe that BNT327/PM8002 holds significant potential across various tumour indications, and we have an exciting pipeline of innovative investigational assets under development including an antibody discovery and development platform.
“As we move forward, we are committed to leveraging our strengths with the aim of advancing transformative cancer treatments and enhancing our ability to develop treatments for patients in need.”
