Introduction of the Acquisition
BioNTech plans a strategic acquisition of CureVac, which is expected to be completed in 2025. BioNTech will acquire all shares of CureVac as part of a public exchange offer, with each CureVac share being exchanged for approximately $5.46 in BioNTech American Depositary Shares. This represents a premium of about 55% on the average share price from the last three months prior to the offer.
Importance for the Biotech Market
The acquisition has a billion-dollar value and is considered a significant step for the German biotech market. Both companies are leading in mRNA technology and have been competitors in the race for COVID-19 vaccines. With the merger, they aim to pool their complementary capabilities and technologies, particularly to advance research, development, manufacturing, and commercialization of mRNA-based cancer immunotherapies.
Strategic Goals 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 as well as BNT327, a bispecific PD-L1xVEGF-A antibody candidate.
Support and Impacts
The deal was unanimously supported by the board and supervisory board of both companies and is subject to standard closing conditions such as a minimum acceptance threshold (around 80%). Upon completion, CureVac shareholders are expected to hold between four to six percent in BioNTech. The Federal government is open to this acquisition.
Overall, this merger could bring about strategic changes in the German biotech 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.