RTTNews | Jul 19, 2021 09:02AM EDT

09:01 Monday, July 19, 2021 (RTTNews.com) - German biotechnology company BioNTech SE (BNTX) Monday announced that it has entered into a purchase agreement with Kite, a Gilead Company (GILD). Under the deal, BioNTech will acquire Kite's solid tumor neoantigen T cell receptor or TCR R&D platform and clinical manufacturing facility in Gaithersburg, MD. Financial terms of the deal were not disclosed.

In pre-market activity on Nasdaq, BioNTech shares were losing around 2.5 percent to trade at $225.70.

Under the deal terms, Kite will receive a one-time upfront payment from BioNTech to purchase Kite's individualized solid tumor neoantigen TCR discovery platform as well as the Gaithersburg R&D and clinical manufacturing facility.

Kite's new manufacturing facility in Frederick, MD for commercial production of CAR T-cell therapy is not part of the deal.

The acquired Gaithersburg facility will provide production capacity to support clinical trials in the United States. It will complement BioNTech's existing cell therapy manufacturing facility in Idar-Oberstein, Germany.

The facility will support the development of BioNTech's expanding pipeline of novel cell therapies, including cancer product candidates based on its CAR-T Cell amplifying mRNA vaccine (CARVac) and NEOSTIM platforms as well as the newly acquired individualized neoantigen TCR program.

All Kite employees at the Gaithersburg facility will be offered employment with BioNTech prior to the date of closing.

BioNTech also said it plans to further invest in the site including hiring additional personnel.

Read the original article on RTTNews ( https://www.rttnews.com/3209958/biontech-to-acquire-kite-s-neoantigen-tcr-cell-therapy-r-d-platform-gaithersburg-facility.aspx)

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