By Emir Yildirim
ISTANBUL (AA) - BioNTech inked a deal to buy Biotheus, a Chinese biotechnology company, for $800 million to further boost its treatment of tumors, the German drugmaker said Wednesday in a statement.
BioNTech will pay up to an additional $150 million if certain milestones are met, while the transaction is estimated to close in the first quarter of next year, pending approvals.
Biotheus discovers and develops antibody solutions for patients with unique medical needs and diseases.
The German company will acquire the rights to Biotheus’ “investigational bispecific antibody” called the “BNT327/PM8002,” and employ it in its oncology strategy.
The late-stage clinical asset targets the PD-L1 protein, which is found in tumor cells in large amounts, and the VEGF-A protein, essential to form blood vessels.
The antibody is used to restore the ability to “recognize and destroy” tumor cells in the body’s T cells, which are white blood cells in the immune system fighting ailments and cancers, while ceasing blood and oxygen flows to tumor cells to prevent further growth.
BioNTech aims to develop its research and therapies through Biotheus’ offering, combining their efforts to fight against cancer.
The acquisition will widen the German drugmaker’s reach in China as it will own an advanced biologics plant as a part of the deal.