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BioNTech to buy Neon Therapeutics for $67M to develop targeted cancer therapies

Germany's BioNTech SE entered an agreement to acquire U.S.-based cancer therapy developer Neon Therapeutics Inc. for about $67 million.

The news follows Neon's announcement in November 2019 that it was exploring strategic options for its business.

BioNTech will acquire Neon Therapeutics shares at $2.18 each, payable in the company's own stock, and end up inheriting Neon's adoptive T cell and neoantigen-based T cell receptor therapies for solid tumors.

Neon Therapeutics' lead programs include NEO-PTC-01 and NEO-STC-01, which are highly personalized cancer treatments with the potential to target specific cells in the body.

The deal is expected to close in the second quarter of 2020 and is backed by the boards of both companies. The transaction is subject to approval from Neon Therapeutics' shareholders, 36% of which have indicated they would vote in favor.

BioNTech plans to merge Neon Therapeutics with its U.S. unit Endor Lights Inc. once the agreement closes.

Ondra Partners, Duff & Phelps LLC and Goodwin Procter LLP advised Neon Therapeutics on the deal. Covington & Burling LLP was the legal counsel to BioNTech in the agreement.