BioNTech to buy bispecific antibody developer Biotheus for up to $950M

BioNTech (NASDAQ:BNTX) said it has agreed to buy bispecific antibody developer Biotheus for up to $950M, including $150M in potential milestone payments.

Under the deal, BioNTech (BNTX) will pay $800M in cash and American depositary shares to acquire all of the issued share capital of Biotheus. In addition, Biotheus stockholders will be eligible to receive up to $150M in performance-based milestone payments.

The deal, which is expected to close in Q1 2025, will give BioNTech (BNTX) full global rights to BNT327/PM8002, a PD-L1 x VEGF-A bispecific antibody that the companies believe has the potential to replace current checkpoint inhibitors in the treatment of solid tumors, according to a statement.

BioNTech (BNTX) said the merger will strengthen its capabilities in developing, manufacturing and commercializing bispecific antibodies and treatment combinations. It will also expand the company’s footprint in China for clinical trials.

BioNTech (BNTX) plans to initiate multiple registration trials in 2024 and 2025 that will evaluate BNT327/PM8002 in combination with chemotherapy for the treatment of small cell lung cancer, non-small cell lung cancer and triple-negative breast cancer. The company also plans to initiate studies evaluating the therapy in combination with BioNTech’s antibody-drug conjugates.