Biotech company BioNTech is set to buy UK-based AI startup InstaDeep in its largest acquisition to date.

The up to £562 million (about $683 million) deal is the German company’s seventh acquisition and its first in the AI industry, a technology increasingly used to enhance drug discovery and development as pharmaceutical companies back startups in the space.

A total of 27 AI startup venture deals worth €1.8 billion (about $1.94 billion) included participation from pharmaceutical or biotech companies in 2022, the second best year on record. Notable deals included drug discovery AI platform company Owkin’s $80 million investment led by Bristol Myers Squibb in June and Delfi Diagnostics’ $225 million Series B in July, which included participation from Eli Lilly.


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