Germany's BioNTech to buy Chinese firm with promising cancer drug
Germany pharmaceutical company BioNTech, which shot to global prominence after its early coronavirus vaccine, has boosted its cancer drug development by agreeing to buy Chinese firm Biotheus. The Mainz-based group said in a statement on Wednesday it will pay up to $950 million,
BioNTech strikes $950mn deal for Chinese drugmaker Biotheus
BioNTech will make $800mn in upfront payments to Biotheus, a drugmaker based in Guangdong province, with milestone payments of up to $150mn. Uğur Şahin, chief executive of BioNTech, said the company believed that the Biotheus drug “has the potential to set a new standard of care in multiple oncology indications”.
BioNTech to Acquire Biotheus in $950 Million Deal
The tie-up will also expand BioNTech's footprint in China, giving it a local research and development hub for clinical trials, as well as a new biologics manufacturing facility and more than 300 Biotheus employees,
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.
BioNTech acquires its Chinese cancer drug partner
BioNTech said that it is acquiring the Chinese drugmaker Biotheus for $800 million to bolster its cancer strategy. The two companies were already co-developing an experimental antibody that targets two proteins found on cancer cells.
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