Neons pipeline is underpinned by its platform technologies including RECON®, its machine-learning bioinformatics platform, and NEO-STIM, its proprietary process to directly
prime, activate and expand neoantigen-targeting T cells ex vivo.
Transaction Details
Under the terms of the definitive agreement, Neon will, following consummation of the acquisition, merge with Endor Lights, Inc., a Delaware corporation and a
direct, wholly-owned subsidiary of BioNTech and become a wholly-owned subsidiary of BioNTech. At closing, BioNTech will issue, and Neon shareholders will receive 0.063 American Depositary Shares (ADS) (each ADS representing one ordinary share of
BioNTech) in exchange for each of their shares of Neon. The exchange ratio implies a deal value of $67 million, or $2.18 per share of Neon, based on the closing price of BioNTechs ADSs of $34.55 on Wednesday, January 15th, 2020.
The transaction was unanimously approved by both BioNTechs and Neons boards of
directors. The transaction, which is expected to close during the second quarter of 2020, is subject to approval of Neons shareholders and the satisfaction of customary closing conditions. Certain stockholders of Neon owning approximately 36%
of the outstanding Neon shares have entered into voting agreements, pursuant to which they have agreed, among other things, and subject to the terms and conditions of the agreements, to vote in favor of the Neon acquisition.
Ondra Partners is acting as the exclusive financial advisor to Neon and Goodwin Procter LLP is acting as legal counsel to Neon. Duff & Phelps LLC
provided a fairness opinion to Neons board of directors in connection with the transaction. Covington & Burling LLP is acting as legal counsel to BioNTech.
About BioNTech
BioNTech was founded in 2008 on the
understanding that every cancer patients tumor is unique and therefore each patients treatment should be individualized. Its cutting-edge pipeline includes individualized mRNA-based product candidates, innovative chimeric antigen
receptor T cells, novel checkpoint immunomodulators, targeted cancer antibodies and small molecules. BioNTech has established relationships with seven pharmaceutical collaborators, including Eli Lilly and BioNTech, Genmab, Sanofi, Bayer Animal
Health, Genentech, a member of the Roche Group, Genevant and Pfizer, and has published over 150 peer-reviewed publications on its scientific approach.
For more information, please visit www.BioNTech.de.