BioNTech has acquired all the remaining shares of technology company InstaDeep in a deal valued at €500m ($549m) in cash.

The total deal value excludes the shares BioNTech already owns.

In January 2023, the parties signed an agreement for the acquisition.

UK-based InstaDeep is a technology provider in the fields of artificial intelligence (AI) and machine learning (ML).

The takeover follows a collaboration between the two parties since 2019 and an equity investment by BioNTech in InstaDeep through a Series B funding round held in January 2022.

BioNTech expects that the deal will help it establish robust expertise in AI-powered drug discovery and the development of advanced vaccines and immunotherapies for conditions with high unmet medical needs.

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InstaDeep will serve as BioNTech’s global subsidiary in the UK.

BioNTech will enhance its workforce by adding 290 specialists, including groups focusing on AI, bioengineering, data science, ML and software development.

InstaDeep will continue to offer services to global customers in fields including technology, transport and logistics, and industrial and financial services.

This deal will also support BioNTech in bolstering its worldwide research partners’ network in the sector and growing its footprint in talent hubs in the Middle East, the US, Europe and Africa.