Germany-based BioNTech has completed the previously announced acquisition of InstaDeep, a global technology company in the field of artificial intelligence (AI) and machine learning (ML).

The acquisition supports BioNTech’s strategy to establish fully integrated, enterprise-wide capabilities for artificial intelligence (AI)-driven drug discovery.

The deal will also help to create next-generation immunotherapies and vaccines to treat diseases with significant unmet medical needs across BioNTech’s therapeutic platforms and operations.

Upon completion of the deal, InstaDeep will function as a global subsidiary of BioNTech with offices in the UK.

Additionally, InstaDeep will continue to offer its services to industries, including the technology, transport & logistics, industrial, and financial services sectors, in addition to BioNTech-focused projects.

The acquisition expands BioNTech’s staff by about 290 individuals, including teams in AI, ML, bioengineering, data science, and software development.

According to InstaDeep, the transaction is also expected to help BioNTech to expand its network of global research collaborators and increase its presence in talent hubs across the US, Europe, Africa and the Middle East.

The total consideration to buy the remaining InstaDeep shares is equal to roughly €500m in cash, BioNTech shares, and performance-based future milestone payments excluding the shares already owned by BioNTech.

With the deal, the German firm intends to integrate new and validated AI- and ML-based models into its discovery platforms and connect them to an automated lab infrastructure using InstaDeep’s DeepChain platform.

The acquisition was announced in January this year and follows a pattern of an increased partnership between the two firms since 2019.

It also follows BioNTech’s initial equity investment as part of InstaDeep’s Series B financing round in January last year.

In 2020, both companies established an AI Innovation Lab and have completed multiple joint projects till now.