Tunisia’s Instadeep acquired by BioTech for $682M

Dorcas Oyelere

Instadeep, a Tunisian-based Artificial Intelligence and Machine Learning global company with headquarters in London and offices in about 8 countries- Paris, Tunis, Nigeria, Dubai, South Africa, Germany and the United States is set to be acquired by BioTech, an immunotherapy company at the sum of $620M.

According to an official statement from both companies, the transaction includes a total upfront consideration of approximately £362 million in cash and BioNTech shares to acquire 100% of the remaining InstaDeep shares, excluding the shares already owned by BioNTech.

In addition, shareholders will be eligible to receive additional performance-based future milestone payments of up to approximately £200 million. The transaction follows BioNTech’s initial equity investment as part of InstaDeep’s Series B financing round in January 2022.

Tunisia's Instadeep acquired by BioTech for $682M

Founded in North Africa in 2014, Instadeep is an artificial intelligence company that offers a range of artificial intelligence (AI) programs, including improved pattern recognition, insights accelerated by GPUs, self-learning decision-making systems, machine learning, and predictive analytics to optimise decisions.

Stating the aim of the acquisition, Prof. Ugur Sahin, M.D., CEO and Co-founder of BioNTech said,

“The acquisition allows us to incorporate the rapidly evolving AI capabilities of the digital world into our technologies, research, drug discovery, manufacturing, and deployment processes. Our aim is to make BioNTech a technology company where AI is seamlessly integrated into all aspects of our work.”

The CEO and co-founder of InstaDeep, Beguir, also said,

“Together, we envision building a world leader that combines biopharmaceutical research and AI with the aim to design next-generation immunotherapies that enhance medical care—thus, helping fight cancer and other diseases.”

The two companies have a history of successful partnerships dating back to 2020, when InstaDeep and BioNTech formed a multi-year strategic partnership to construct a joint artificial intelligence innovation lab where they would employ the most recent advances in AI and ML to develop novel immunotherapies.

The aim was to concentrate on protein engineering, production, supply chain, medication research, and design. The two companies’ history makes it unsurprising that they have decided to take this next step.

Read Also: Releaf secures $3.3 million funding, unveils new technologies to make food supply chains profitable

Instadeep

About Instadeep

As a thriving company, Instadeep has been recognized as a leader in decision-making AI systems. The renowned AI 100 list from CB Insights has listed Instadeep for three consecutive years. The Company was named a Preferred Deep Learning Partner by Nvidia and is also part of Intel’s AI Builders program.

In a world dominated by Artificial Intelligence, Instadeep gives its partners a competitive edge, utilizing its significant expertise in deep learning, GPU-accelerated computing, and reinforcement learning. The company has also developed collaborations with global leaders in the Artificial intelligence ecosystem, such as Google DeepMind, Nvidia and Intel.

What does this agreement mean for Instadeep?

This acquisition being one of the biggest in Africa, Instadeep announced that it is anticipated to be completed in the first half of 2023, pending customary closing requirements and regulatory approvals.

After that, InstaDeep will function as a BioNTech global subsidiary based in the UK. At BioNTech, it is anticipated to become the focal point of an expanding portfolio of artificial intelligence and ML-related efforts. It will also continue to offer its clients worldwide in various industries, including the technology, transport & logistics, industrial, and financial services sectors.

The CEO and Co-Founder of Instadeep, Karim Beguir, also expressed his excitement about the acquisition and said,

“AI is progressing exponentially, and our mission at InstaDeep has always been to ensure it benefits everyone. We are very excited to join forces and become one team with BioNTech, with whom we share the same culture of profound tech innovation and focus on positive human impact.

Together, we envision building a world leader that combines biopharmaceutical research and AI with the aim to design next-generation immunotherapies that enhance medical care – thus, helping fight cancer and other diseases.”


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Register for Technext Coinference 2023, the Largest blockchain and DeFi Gathering in Africa.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!