BioNTech to acquire CureVac in $1.25 billion all-stock deal

MAINZ/TÜBINGEN, Germany - BioNTech SE (NASDAQ:BNTX) announced Thursday it has entered into a definitive agreement to acquire CureVac N.V. (NASDAQ:CVAC) in an all-stock transaction valued at approximately $1.25 billion. CureVac, which currently has a market capitalization of $916 million, maintains an excellent financial health score according to InvestingPro analysis, with impressive gross profit margins of 87.6%.

Under the terms of the agreement, each CureVac share will be exchanged for approximately $5.46 in BioNTech American Depositary Shares, representing a 55% premium to CureVac’s three-month volume weighted average price as of June 11, 2025. The offer comes as CureVac’s stock has shown significant momentum, with a 27% price return over the past six months. According to InvestingPro analysis, which offers comprehensive valuation metrics and 12 additional ProTips for CVAC, the company’s current P/E ratio stands at 4.46.

The acquisition aims to strengthen BioNTech’s capabilities in mRNA-based cancer immunotherapy research, development, manufacturing, and commercialization. Following completion, CureVac shareholders are expected to own between 4% and 6% of BioNTech.

"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.

The transaction has received unanimous approval from both companies’ management and supervisory boards. CureVac’s major shareholder dievini Hopp BioTech holding GmbH & Co. KG and certain affiliates, representing 36.76% of CureVac’s shares, have agreed to tender their shares.

The German Federal government, through Kreditanstalt für Wiederaufbau which holds 13.32% of CureVac shares, has indicated a positive view on the transaction, potentially bringing committed support to 50.08% of shares toward the 80% minimum condition required.

Following the closing, BioNTech will integrate CureVac’s research and manufacturing site in Tübingen, Germany. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in 2025. CureVac brings strong financial fundamentals to the deal, with InvestingPro data showing the company holds more cash than debt and maintains a healthy current ratio of 7.65, indicating robust short-term liquidity. Discover more detailed insights and financial metrics in the comprehensive Pro Research Report, available for over 1,400 US stocks.

The information in this article is based on a press release statement from both companies.

In other recent news, CureVac has reported several significant developments. The company concluded the first quarter of 2025 with a cash reserve of €438 million, which is projected to support operations until 2028. Analysts at JMP Securities have maintained a Market Outperform rating and a $10.00 price target for CureVac, citing the progress of its glioblastoma (GBM) vaccine and ongoing intellectual property litigation as key factors. CureVac’s lung cancer therapy, CVHNLC, recently received clearance from the U.S. Food and Drug Administration (FDA) for a Phase 1 clinical trial, marking a crucial step in its development. This trial will assess the safety and tolerability of CVHNLC in combination with pembrolizumab for patients with advanced squamous non-small cell lung cancer. Additionally, the European Patent Office upheld CureVac’s amended patent following an opposition from BioNTech, a development that plays a critical role in the ongoing legal battle between the two companies. The Regional Court Düsseldorf will next determine potential infringement, with a hearing scheduled for July 2025. CureVac’s CEO, Dr. Alexander Zehnder, expressed confidence in the upheld patent, which covers the company’s split poly-A tail technology aimed at enhancing mRNA-based treatments.

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