BioNTech To Acquire CureVac for $1.25 Bn
BioNTech, a Mainz, Germany-based bio/pharmaceutical company, has agreed to acquire CureVac, a Tubingen, Germany-based clinical-stage bio/pharmaceutical company specializing in mRNA cancer immunotherapies and vaccines, for $1.25 billion.
With the acquisition, BioNTech aims to strengthen the research, development, manufacturing, and commercialization of its investigational mRNA-based cancer immunotherapies by adding to its capabilities and proprietary technologies in mRNA design, delivery formulations, and mRNA manufacturing. BioNTech is developing two pan-tumor programs, mRNA-based cancer immunotherapy candidates, and BNT327, a PD-L1xVEGF-A bispecific antibody candidate.
Under the agreement, each CureVac share will be exchanged for approximately. $5.46 in BioNTech American Depositary Shares, resulting in an implied aggregate equity value for CureVac of approximately $1.25 billion.
The transaction was unanimously approved by both BioNTech’s and CureVac’s management and supervisory boards. The transaction, which is expected to close in 2025, is subject to the satisfaction of customary closing conditions, including a minimum acceptance threshold of at least 80% of CureVac’s shares (for which the threshold may be reduced to 75% unilaterally by BioNTech under certain circumstances) and required regulatory approvals.
Upon closing of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech.
