Finance

BioNTech buys Tunisia's InstaDeep for US$440 mln

Wednesday, 11 January 2023 17:11
BioNTech buys Tunisia's InstaDeep for US$440 mln

(Ecofin Agency) - By acquiring InstaDeep, BioNTech wants to integrate artificial intelligence capabilities into its drug discovery, manufacturing, and distribution processes.

German biotech group BioNTech announced, Tuesday (January 10), the acquisition of InstaDeep, a London-based Tunisian artificial intelligence firm. 

The transaction includes EGP362 million (US$440 million) cash and an undisclosed number of BioNTech shares for 100% of InstaDeep's stakes. InstaDeep's shareholders are also eligible for up to EGP200 million additional performance-based future milestone payments, BioNTech stresses.

"The acquisition of InstaDeep allows us to incorporate the rapidly evolving AI capabilities of the digital world into our technologies, research, drug discovery, manufacturing, and deployment processes. Our aim is to make BioNTech a technology company where AI is seamlessly integrated into all aspects of our work," said Ugur Sahin, CEO, and co-founder of BioNTech, which became famous globally for developing one of the Covid-19 vaccines in partnership with Pfizer.

InstaDeep was founded in 2014 by Tunisian-born Beguir and Zohra Slim, it is now one of the leading artificial and machine-learning firms.

In January 2022, the firm, which has a presence in Tunis, London, Paris, Lagos, Cape Town, and Dubai, raised US$100 million from leading investors, including BioNTech, Google, and Deutsche Bahn. 

The same month, it announced it had developed and tested an early Covid-19 variant detection system with BioNTech.



 
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