BioNTech will make $800mn in upfront payments to Biotheus, a drugmaker based in Guangdong province, with milestone payments of up to $150mn. Uğur Şahin, chief executive of BioNTech, said the company believed that the Biotheus drug “has the potential to set a new standard of care in multiple oncology indications”.

The tie-up will also expand BioNTech's footprint in China, giving it a local research and development hub for clinical trials, as well as a new biologics manufacturing facility and more than 300 Biotheus employees,

BioNTech (NASDAQ:BNTX) said it has agreed to buy bispecific antibody developer Biotheus for up to $950M, including $150M in potential milestone payments. Under the deal, BioNTech (BNTX) will pay $800M in cash and American depositary shares to acquire all of the issued share capital of Biotheus.