BioNTech boosts it T-cell pipeline with acquisition
German immunotherapeutics specialist BioNTech (Nasdaq: BNTX) has entered into a definitive merger agreement to acquire USA-based Neon Therapeutics (Nasdaq: NTGN) in an all-stock transaction valued at around $67.0 million, with the news sending Neon’s shares shooting up 63.4% to $2.01 in pre-market trading this morning.
The transaction was unanimously approved by both BioNTech’s and Neon’s boards of directors, and is expected to close during the second quarter of 2020.
Neon is a biotechnology company developing novel neoantigen-based T-cell therapies. Upon closing, it will operate as a subsidiary of BioNTech, a global clinical-stage biotechnology company focused on patient-specific immunotherapies for the treatment of cancer and other serious diseases. The transaction will combine two organizations with a common culture of pioneering translational science and a shared vision for the future of cancer immunotherapy.
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