In a major step forward for the future of mRNA-based medicine, BioNTech SE has announced it will acquire fellow German biotech firm CureVac N.V. in an all-stock deal valued at approximately $1.25 billion. The transaction is set to bolster BioNTech’s capabilities in cancer immunotherapy and mRNA research, positioning the company for deeper innovation and broader commercialization in oncology.
Under the terms of the agreement, CureVac shareholders will receive approximately $5.46 in BioNTech American Depositary Shares (ADSs) for each CureVac share—representing a 55% premium over CureVac’s three-month average trading price. The exchange ratio will be adjusted depending on the 10-day average trading price of BioNTech stock leading up to the deal’s closure. Upon completion, CureVac shareholders are expected to own between 4% and 6% of BioNTech’s outstanding shares.
Both companies are pioneers in mRNA-based technologies, with BioNTech gaining international prominence for its COVID-19 vaccine co-developed with Pfizer. CureVac has long focused on developing mRNA therapeutics for cancer and infectious diseases. The deal unites two complementary platforms, merging BioNTech’s commercial success and oncology pipeline with CureVac’s expertise in mRNA design and lipid nanoparticle (LNP) delivery systems.
“This transaction is another building block in BioNTech’s oncology strategy and an investment in the future of cancer medicine,” said Prof. Ugur Sahin, CEO and Co-Founder of BioNTech. “By combining our strengths, we aim to accelerate the development of innovative and transformative cancer treatments that could become new standards of care.”
CureVac CEO Dr. Alexander Zehnder echoed Sahin’s sentiment, describing the acquisition as a shared mission rather than just a financial deal. “For more than 20 years, both companies have worked toward unlocking the potential of mRNA. This union represents a powerful convergence of technologies, cultures, and visions to push the boundaries of what’s possible in medicine,” Zehnder said.
The acquisition will integrate CureVac’s advanced R&D and manufacturing site in Tübingen into BioNTech’s broader operations. CureVac will become a wholly owned subsidiary of BioNTech, and a full corporate reorganization will follow the completion of the exchange offer, expected later this year.
The deal already has substantial shareholder backing. CureVac’s largest investor, dievini Hopp BioTech, and its affiliates—which collectively hold over 36% of CureVac shares—have agreed to support the transaction. Including other key stakeholders and the German government’s investment arm, BioNTech expects support from shareholders holding more than 50% of CureVac’s shares, positioning the company well to meet the 80% acceptance threshold required to finalize the transaction.
The boards of both companies have unanimously approved the deal, which now awaits regulatory approval and final shareholder votes. Legal and financial advisors for the deal include Covington & Burling LLP and PJT Partners for BioNTech, and Goldman Sachs and Skadden for CureVac.
This acquisition cements BioNTech’s strategy to lead the next generation of cancer therapies, leveraging the full power of mRNA science in the fight against some of the world’s most challenging diseases.
