BioNtech, a global immunotherapy company targeting oncology and other serious diseases, is to acquire Biotheus, a clinical-stage biotechnology company involved in novel antibody discovery and development.

Through the acquisition, BioNTech will obtain full global rights to the late-stage clinical asset BNT327/PM8002, an investigational bispecific antibody targeting PD-L1 and VEGF-A. The transaction comes as part of BioNTech’s oncology strategy, aimed at enhancing the company’s capabilities to research, develop and commercialise combination therapies using BNT327/PM8002.

Clinical trials with BNT327/PM8002 and the PD-(L)1 x VEGF bispecific class of drugs have demonstrated encouraging clinical activity in various tumour types including in patients with PD-L1-low and -negative tumours who have typically been less responsive to current checkpoint inhibitor treatments.

Under the terms of the agreement, BioNTech will pay Biotheus shareholders an upfront consideration of $800 million, predominantly in cash, with a small portion in American depositary shares (ADS), to acquire 100 percent of the issued share capital, subject to customary purchase price adjustments, plus additional performance-based contingent payments of up to $150 million if certain milestones are met. The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including regulatory approvals. The acquisition follows an initial exclusive global license and collaboration agreement between BioNTech and Biotheus, which closed in November 2023, granting BioNTech the rights to develop, manufacture and commercialize BNT327/PM8002 globally ex-Greater China.