German biotech BioNTech announced this week that it would be acquiring AI startup InstaDeep.
Under the terms of the agreement, BioNTech will initially pay InstaDeep a total of approximately $389 million, with shareholders being eligible for additional performance-based milestone payments of up to ~$243 million.
The acquisition follows a multi-year collaboration between the two, which included the creation of multiple end-to-end AI-based applications, such as the formation of an AI innovation Lab in 2020. Other projects included using AI to enhance neoantigen selection, ribological sequence optimization for BioNTech’s RiboCytokine and RiboMab platforms as well as the development of an Early Warning System to detect and monitor high-risk SARS-CoV-2 variants.
Founded in 2014, InstaDeep has focused on making AI products for several businesses, establishing research collaborations with academic institutions like the University of Oxford, the University of Michigan and MIT.
The transaction will combine the two organizations and bring approximately 240 professionals to BioNTech’s talent pool, strengthening its AI and ML technology expertise.
