07:05 AM EST, 11/13/2024 (MT Newswires) -- BioNTech (BNTX) said Wednesday it has agreed to acquire biotechnology company Biotheus.

Under the terms of the deal, BioNTech will acquire 100% of Biotheus for $800 million, mainly in cash with a small portion of American depositary shares, plus additional performance-based contingent payments of up to $150 million if the milestones are met.

The company said it expects to close the deal in Q1 2025, subject to customary closing conditions, after which it will gain full rights to Biotheus' pipeline candidates and in-house bispecific antibody-drug conjugate capability.

The acquisition follows BioNTech's initial exclusive global license and collaboration agreement with Biotheus, which closed in November 2023.

Shares of BioNTech rose more than 2% in recent pre-bell activity.

Price: 114.70, Change: +3.22, Percent Change: +2.89