Berlin, Germany – 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, including an upfront payment of $800 million.
The takeover of the Chinese company with around 300 employees is expected to be completed in the first quarter of 2025.
With the acquisition, BioNTech will secure full worldwide rights to a drug candidate called BNT327, which is already at an advanced stage of clinical development.
According to BioNTech, the results of clinical trials of the drug in more than 700 patients treated for various tumour types are encouraging.
BioNTech co-founder Ugur Sahin said the company believes the active ingredient has the potential to set a new standard of treatment in certain cancers.
Several studies with the active ingredient, for example for the treatment of lung and breast cancer, are to begin this year and next.
The acquisition also provides BioNTech with a research and development centre and a production facility in China.
BioNTech is aiming for the first market approval for a cancer drug in 2026.
(dpa)