BioNTech Buys Pumis for $800M, Stuns Chinese Biotech Industry

On November 13, 2024, Primis Biotechnology Co., LTD. (also known as "Primis"), established by former Cinda R&D senior executive Liu Xiaolin, revealed the signing of an equity acquisition agreement with the German pharmaceutical giant BioNTech.

The agreement stipulates that BioNTech will purchase all issued shares of Primis for an initial sum of $800 million. This payment will primarily be made in cash and some American Depositary Shares (ADS). Additionally, BioNTech will provide up to $150 million in milestone payments if Primis meets the agreed-upon conditions.

Following the announcement, BioNTech's stock saw an increase of over 4% after the market opened in the U.S. Over the past three months, the company’s shares have surged nearly 30%.

Once the transaction is finalized, BioNTech will obtain full control over Primis' drug candidate pipeline and its bispecific antibody drug development platform, which will enhance its presence in China. Primis Zhuhai will serve as BioNTech's R&D hub in China for related research initiatives. Primis Nantong's production facility, which adheres to international standards, will aid BioNTech in its global product production and supply. Moreover, more than 300 employees from Primis' R&D, production, and support sectors will integrate into BioNTech.

Before this acquisition announcement, BioNTech and Primis had already established two collaborations focusing on bispecific antibody and monoclonal antibody pipelines. In July 2023, BioNTech secured exclusive global rights for a preclinical bispecific antibody targeting malignant tumors and a clinical phase monoclonal antibody. Later, in November 2024, BioNTech acquired the global rights, excluding Greater China, to develop, manufacture, and commercialize Primis' anti-PD-L1/VEGF bispecific antibody (PM8002). This acquisition involved an initial payment of $55 million, along with over $1 billion in development, registration, and commercial milestone payments and tiered sales commissions.