BioNTech purchases Chinese biotechnology company to improve oncology strategy
Date
11/14/2024 1:52:15 AM
(MENAFN) BioNTech signed an agreement to buy Biotheus, which is a Chinese biotechnology firm, for USD800 million to further enhance its treatment of tumors, stated the German medicinal producer Wednesday in a statement.
BioNTech is going to pay up to an extra USD150 million if specific achievements are done, while the transaction is expected to end in the first quarter of the upcoming year, awaiting confirmation.
Biotheus finds and improves antibody solutions for clients with special medical conditions as well as diseases.
The German firms is going to obtain the rights to Biotheus’ “investigational bispecific antibody” named the “BNT327/PM8002,” and use it in its oncology strategy.
The advanced clinical asset focuses on targeting the PD-L1 protein, which is abundant in tumor cells, and the VEGF-A protein, crucial for blood vessel formation.
This antibody works by enhancing the body's T cells—white blood cells responsible for combating diseases and cancers—to "identify and eliminate" tumor cells. Additionally, it halts the blood and oxygen supply to the tumor cells, thereby inhibiting their further growth.
BioNTech’s goal is to improve its research and treatments via Biotheus’ offering, combining their attempts to conquer cancer.
The acquisition is going to expand the German drugmaker’s reach in China as it is going to own an improved biologics plant, according to the agreement.
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