London-based AI startup Instadeep has been bought out by biotechnology giant BioNTech in a half-a-billion pound deal. Instadeep focuses on machine learning and artificial intelligence, and has raised nearly £100m across four seed rounds. The deal will allow BioNTech to use Instadeep's machine learning to "improve its drug discovery process, including developing personalised treatments tailored to a patient's cancer," according to reports by the Financial Times.

The German vaccine maker will be paying £362m upfront as a mix of cash and an undisclosed amount of BioNTech shares, with the remaining £200m dependent on the company's future performance and valuation.

(c) 2023 City A.M., source Newspaper