BioNTech finds its U.S. operations hub through takeout of struggling Neon

BioNTech added both a new neoantigen program and a Boston-based operations hub on Thursday through the acquisition of Neon -- a deal for pennies on the dollar.

The all-stock transaction will see BioNTech SE (NASDAQ:BNTX) acquire Neon Therapeutics Inc. (NASDAQ:NTGN) at a valuation of about $67 million -- nearly 7x lower than the biotech’s $451.2 million valuation at its June 2018 IPO...