Biontech plans to acquire Instadeep
Biontech intends to acquire technology company Instadeep. The conclusion of an agreement to this effect was announced by both companies last week.
Instadeep is an artificial intelligence (AI) and machine learning (ML) company. It says it is a leader in AI-based decision-making systems.
Biontech made an initial equity investment in Instadeep back in January 2022. Now the Mainz-based immunotherapy company plans to acquire the remaining shares in Instadeep. The current transaction includes an upfront payment of approximately 362 million British pounds in cash and Biontech shares, according to Biontech. In addition, Instadeep’s shareholders are eligible to receive additional performance-based payments of up to approximately 200 million British pounds, Biontech reports. The two companies expect the transaction to close in the first half of 2023.
Services also for logistics
Instadeep is then to operate globally as a subsidiary of Biontech and retain its headquarters in London. The UK company will become the core of a growing portfolio of initiatives around AI and ML at Biontech, he said. In doing so, Instadeep is expected to not only execute projects for Biontech, but also continue to provide services to clients in various industries around the world, including technology, transportation and logistics, industrial and financial services.
As Biontech explains, the acquisition is part of its strategy to build world-leading capabilities in AI-driven drug discovery and the development of next-generation immunotherapies and vaccines.
The transaction is expected to add approximately 240 professionals to Biontech’s workforce, including teams in AI, ML, bioengineering, data science, and software development.
Collaboration since 2019
The two companies have been working together since 2019. For example, Biontech said it has jointly developed several AI-based end-to-end applications trained on public and proprietary datasets in a variety of scientific fields.
Growing importance of artificial intelligence (AI).
CEO and co-founder of Instadeep, Karim Beguir says, “AI is evolving exponentially. Our mission at InstaDeep has always been to make sure everyone can benefit from it.”
Together, he says, they aim to build a world-leading company that combines biopharmaceutical research and artificial intelligence.