BioNTech to Acquire CureVac to Expand mRNA Cancer Therapies

BioNTech SE has announced plans to acquire fellow German biotechnology company CureVac N.V. through a public share exchange, aiming to broaden its mRNA-based cancer treatment research, development, and production capacity. The acquisition is expected to finalize in 2025, pending regulatory and shareholder approvals.

Strengthening BioNTech’s Oncology Pipeline

The transaction will see CureVac shareholders receive approximately $5.46 worth of BioNTech American Depositary Shares (ADSs) for each CureVac share they hold. This offer represents a 55% premium over CureVac's three-month volume-weighted average share price, valuing the company at roughly $1.25 billion. The final exchange ratio will depend on BioNTech’s ADS price prior to closing, with a range defined between $84.37 and $126.55.

With this acquisition, BioNTech plans to enhance its oncology capabilities, particularly in advancing mRNA-based cancer immunotherapies and its bispecific antibody candidate, BNT327. According to Prof. Ugur Sahin, CEO and Co-Founder of BioNTech, this move represents a long-considered step toward consolidating technologies that can be used to improve and scale cancer treatments. He emphasized the strategic fit between the companies, describing the integration as a way to push innovation forward in the mRNA field.

Merging Complementary Scientific Platforms

Dr. Alexander Zehnder, CEO of CureVac, explained that the deal reflects more than a financial transaction—it brings together two companies that have independently tackled similar challenges in mRNA science for over two decades. He noted that combining their technologies and infrastructure could lead to greater efficiency and faster development timelines.

CureVac will become a wholly owned subsidiary of BioNTech, with its Tuebingen site playing a central role in ongoing research and manufacturing. An integration plan will be launched after the transaction closes, aligning CureVac’s operations with BioNTech’s global structure.

Support from Major Stakeholders and the German Government

The deal has secured commitments from CureVac shareholders representing 50.08% of the company’s shares. This includes backing from dievini Hopp BioTech holding GmbH & Co. KG, its affiliates, and board members of CureVac. Additionally, the German Federal Government, represented through Kreditanstalt fuer Wiederaufbau which holds a 13.32% stake in CureVac, is expected to support the transaction.

An extraordinary shareholder meeting will be held to adopt resolutions related to the transaction. Shareholders who do not participate in the exchange offer will still receive the same consideration, provided the deal closes successfully.

Legal and Financial Advisory

BioNTech received legal counsel from Covington & Burling LLP, Hengeler Mueller, and Loyens & Loeff, while PJT Partners acted as its financial advisor. CureVac was advised by Skadden, Arps, Slate, Meagher & Flom LLP and NautaDutilh, with Goldman Sachs Bank Europe SE as financial advisor.

Company Backgrounds

BioNTech SE is a global immunotherapy company that focuses on developing mRNA-based therapies and other targeted treatments for cancer and infectious diseases. Its collaboration with Pfizer on the COVID-19 vaccine marked the first approval of an mRNA-based product in medical history. As of March 31, 2025, BioNTech holds €15.9 billion in cash and investments, which it continues to deploy across a wide range of oncology programs.

CureVac N.V., founded in 2000, is headquartered in Tuebingen, Germany, with operations in Belgium, the Netherlands, Switzerland, and the United States. The company focuses on improving mRNA therapeutics with its proprietary technologies and lipid nanoparticle (LNP) platforms, aiming to develop both personalized cancer vaccines and prophylactic treatments.