BioNTech Plans Acquisition of CureVac

"This transaction is another building block in BioNTech's oncology strategy and an investment in the future of cancer medicine," said Professor Ugur Sahin, CEO and co-founder of BioNTech. "We want to bring together complementary skills and technologies. Our goal is to drive the development of innovative and transformative cancer treatments and to establish new treatment standards for different types of cancer in the coming years."

The Tübingen-based biotech company CureVac is developing a new class of innovative drugs in the fields of oncology and infectious diseases based on messenger ribonucleic acid ("mRNA"). The transaction to acquire all of CureVac's shares is expected to bring together two highly complementary companies based in Germany and build on BioNTech's existing track record and established position in the global mRNA industry.

With the acquisition, Mainz-based BioNTech will strengthen its capabilities in the discovery, development, manufacturing and commercialization of mRNA-based cancer immunotherapy candidates. The strategic transaction will also complement BioNTech's capabilities and proprietary technologies in mRNA design, delivery formulations and mRNA manufacturing. For BioNTech, this transaction represents the next milestone in the execution of its oncology strategy. This strategy focuses on two cross-tumor (pan-tumor) programs: mRNA-based cancer immunotherapy candidates and BNT327, a bispecific PD-L1xVEGF-A antibody candidate.

The implementation of the purchase agreement results in an implied valuation of approximately USD 1.25 billion for CureVac. BioNTech will begin to develop an integration plan that is consistent with its ongoing group-wide strategic transformation. Upon completion of the exchange offer, BioNTech and CureVac will undertake an organizational restructuring of CureVac and its subsidiaries. As part of this, BioNTech will own 100% of CureVac's business and the equity interests in CureVac and its subsidiaries.

The transaction, which is expected to close in 2025, is subject to satisfaction of customary closing conditions, including a minimum acceptance threshold of 80% of CureVac's shares (which threshold may be unilaterally reduced to 75% by BioNTech in certain circumstances) and required regulatory approvals.