Biontech buys start-up

The Mainz-based company has announced its intention to swallow London-based Instadeep.

Every child knows the Mainz-based company Biontech since its Covid vaccine. The company also conducts research in completely different areas, developing drugs to fight cancer, for example. Now it has announced that it will take over the London-based technology company Instadeep.

The investment breaks down as follows: Instadeep will receive an upfront payment of about £362 million and Biontech shares to acquire 100 percent of Instadeep. Biontech already holds company shares, invested as part of Instadeep's Series B funding round in January 2022. Instadeep shareholders are also eligible for additional performance-based payments of up to approximately £200 million.

What's exciting is that Instadeep is considered one of the leading technology companies in the field of artificial intelligence (AI) and machine learning (ML). Biotech aims to "build world-leading capabilities in AI-driven drug discovery and the development of next-generation immunotherapies and vaccines to address diseases with high unmet medical need."

"The acquisition of Instadeep enables us to incorporate the rapidly evolving AI capabilities of the digital world into our technologies and drug discovery, manufacturing and delivery operations," said prominent Biontech CEO Ugur Sahin. "Our goal is to make Biontech a technology company where AI is seamlessly integrated into all aspects of our work."

Biontech's workforce is expected to expand by about 240 professionals with the acquisition. This includes teams in AI, ML, bioengineering, data science and software development. In connection with the acquisition, Biontech aims to expand its network in this field and become more present in the United States, Europe, Africa and the Middle East. The two companies have already been working together since 2019.