London based AI startup InstaDeep has been bought out by biotechnology giant BioNTech in a half-a-billion pound deal.
InstaDeep focuses on machine learning and artificial intelligence, and has raised nearly £100m across four seed rounds.
The deal will allow BioNTech to use InstaDeep’s machine learning to “improve its drug discovery process, including developing personalised treatments tailored to a patient’s cancer,” according to reports by the FT.
The German vaccine maker will be paying £362m upfront as a mix of cash and an undisclosed amount of BioNTech shares, with the remaining £200m dependent on InstaDeep’s future performance and valuation.
“AI is progressing exponentially and our mission at InstaDeep has always been to make sure it benefits everyone. We are very excited to join forces and become one team with BioNTech, with whom we share the same culture of deep tech innovation and focus on positive human impact,” said InstaDeep CEO Karim Beguir about the acquisition.
This healthtech deal is set to close in the first half of 2023, subject to customary closing conditions and regulatory approvals.