Introduction to the Acquisition
BioNTech plans a strategic acquisition of CureVac, which is expected to be completed in 2025. BioNTech will acquire all shares of CureVac through a public exchange offer, where each CureVac share will be exchanged for approximately $5.46 in BioNTech American Depositary Shares. This represents a premium of about 55% over the average price of the last three months before the offer.
Significance for the Biotechnology Market
The acquisition has a billion-dollar volume and is seen as a significant step for the German biotechnology market. Both companies are leaders in mRNA technology and were already competitors in the race for COVID-19 vaccines. With the merger, they aim to combine their complementary capabilities and technologies, particularly to advance research, development, manufacturing, and commercialization of mRNA-based cancer immunotherapies.
Strategic Objectives of BioNTech
For BioNTech, the acquisition represents an important milestone in its oncology strategy. The integration of CureVac’s technologies and expertise is expected to strengthen the portfolio of innovative cancer treatment programs – including two pan-tumoral programs and BNT327, a bispecific PD-L1xVEGF-A antibody candidate.
Support and Impact
The deal was unanimously supported by the boards and supervisory boards of both companies and is subject to customary closing conditions such as a minimum acceptance threshold (approximately 80%). After completion, CureVac shareholders are expected to hold between four to six percent of BioNTech. The federal government has shown openness to this acquisition.
Overall, this merger could bring about strategic changes in the German biotechnology market: it strengthens Germany’s position as a hub for mRNA innovations, increases investor interest through the combined expertise of both companies, and sets a momentum for further collaborations or consolidations in the industry.
Thus, this acquisition marks an important turning point for the future of the German biotechnology sector.