A&O Shearman, Goodwin and Conyers are advising BioNTech in its proposed USD950 million acquisition of its Chinese cancer drug partner, aimed at taking over drugs that can compete with Merck Sharp & Dohme’s immunotherapies.
BioNTech has reached an agreement to fully acquire Zhuhai-based biotech company Biotheus for USD800 million upfront, which will be paid in cash and American depositary shares. Once Biotheus meets certain mutually agreed milestone conditions, BioNTech will provide up to USD150 million more.
A&O Shearman partners Matthew Appleton and Clare O’Brien are leading the team counselling BioNTech, with support from partner Jill Ge for IP matters in China.
Goodwin partners Wendy Pan, Mayan Katz, Amine Assouad and Kevin Guan are leading the team advising Biotheus. Key members include partners Sarah Stoiber, Arman Oruc, Paul Jin, Sarah Jordan, Daniel Karelitz, Malhar Naik, Ai Tajima and Susan Lee. Partners Richard Matheny, Matt Wetzel and Catherine McCarty provided additional support.
Conyers, led by partners Richard Hall and Angie Chu, is also acting for Biotheus. The transaction is expected to close in the first quarter of 2025 and focuses on Biotheus’ primary asset, BNT327/PM8002, which enhances the immune system’s ability to combat cancer cells and inhibits tumour growth by preventing the development of new blood vessels.
After the acquisition, BioNTech will own the Chinese rights to BNT327/PM8002 and take on more than 300 Biotheus employees.
Last year, BioNTech was granted a global licence – excluding greater China – by Biotheus to develop, manufacture and commercialise BNT327/PM8002, which was seen as a rival to Merck Sharp & Dohme’s cancer immunotherapy drug, Keytruda.
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