Germany's BioNTech to acquire British AI startup InstaDeep - Reuters

Reuters | Jan. 10, 2023, 7:49 a.m. | Original

Jan 10 (Reuters) - Biontech SE said on Tuesday it would buy the rest of British artificial intelligence startup InstaDeep that it does not already own for an upfront payment of roughly 362 million pounds ($439 million) to bolster its drug development.

The German vaccine maker intends to use AI tech to speed up drug discovery and development of next-generation immunotherapies and vaccines.

InstaDeep shareholders will also be eligible to receive additional performance-based milestone payments of up to 200 million euros.

BioNTech said last year it developed a method to quickly determine whether a new virus variant is a cause for concern, collaborating with InstaDeep Ltd.

($1 = 0.9325 euros)

($1 = 0.8244 pounds)

(This story has been corrected to change the currency to pounds, not euros, in paragraph 1)

Reporting by Pratik Jain; Editing by Shinjini Ganguli and Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

WHO backs mask wearing on long flights as new Omicron variant ... - Reuters U.S. imports of containerized goods retreat to pre-pandemic level - Reuters