BioNTech SE, a German-based biotech business, is scheduled to purchase InstaDeep
a Tunis-born and UK-based artificial intelligence (AI) start-up, for up to £562 million ($680 million) in its largest transaction to date.
BioNTech is expected to pay £362 million in cash and an unspecified number of BioNTech shares upfront.
According to the company’s announcement, the remaining £200 million is contingent on how InstaDeep performs in the future.
InstaDeep, launched in 2014 by Karim Beguir and Zohra Slim, raised $100 million in Series B funding backed by Alpha Intelligence Capital and CDIB in January