The German company will make an upfront payment of $800 million to acquire Biotheus
The German pharmaceutical company Biontech, which gained worldwide fame with one of the first vaccines against the coronavirus, has given a boost to the development of cancer drugs through an agreement with the Chinese company Biotheus, DPA reported.
The Mainz-based company announced today in a statement quoted by BTA that it will pay up to $950 million, including an upfront payment of $800 million, to acquire Biotheus.
The acquisition of the Chinese company with about 300 employees is expected to be completed in the first quarter of 2025.
Through the acquisition, Biotech will secure worldwide rights to a yet unapproved drug called BNT327, which is already in an advanced stage of clinical development.
According to Biotech, the results of clinical trials of the drug in more than 700 patients diagnosed with various types of tumors are encouraging.
Biotech co-founder Ugur Sahin said that the company believes that the active ingredient has the potential to set a new standard in the treatment of certain types of cancer.
Several studies with the active ingredient, for example for the treatment of lung and breast cancer, will begin this year and next.
The acquisition will also give BioNTech a research and development center and manufacturing facility in China.
The German pharmaceutical company is aiming for approval to market a cancer drug in 2026.
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