BioNTech Acquires CureVac in $1.25B Deal to Expand mRNA Cancer Portfolio

Highlights

• BioNTech is acquiring CureVac in an all-stock transaction valued at $1.25 billion.
• The deal brings CureVac’s early-stage mRNA-based cancer therapies under BioNTech's portfolio.
• The acquisition ends CureVac’s 2022 patent lawsuit against BioNTech over mRNA technology.
• BioNTech will gain preclinical cancer assets, including glioblastoma and lung cancer programs.
• The deal requires regulatory approval and tendering of at least 80% of CureVac shares.
• CureVac will become a wholly owned subsidiary, potentially undergoing corporate restructuring.
• The acquisition supports BioNTech’s ongoing oncology strategy, including its promising BNT327 program.

Strategic Acquisition Bolsters Oncology Pipeline

BioNTech has announced its acquisition of fellow mRNA developer CureVac in an all-stock transaction valued at $1.25 billion, marking a major strategic move in the company’s oncology ambitions. The deal, revealed Thursday, delivers CureVac’s early-stage cancer programs to BioNTech, most notably its Phase I glioblastoma therapy, CVGBM.

According to the announcement, CureVac shareholders will receive $5.46 per share, representing a 55% premium over CureVac’s three-month volume-weighted average share price of $3.53 as of June 11. “BioNTech’s announced acquisition of CureVac in an all-stock deal appears a natural tuck-in to broader portfolio, ending litigation concerns,” noted BMO Capital Markets analysts.

Litigation Comes to an End

The acquisition also resolves a legal dispute between the two companies. In July 2022, CureVac filed a lawsuit against BioNTech, alleging patent infringement related to mRNA vaccine technology used in the development of COVID-19 vaccines. Following the announcement of the acquisition, CureVac shares surged 30% in pre-market trading.

Focus Shifts to Cancer Immunotherapy

While both companies are known for their roles in developing COVID-19 vaccines, the acquisition underscores BioNTech’s sharpened focus on oncology. Along with CVGBM, BioNTech gains access to CureVac’s full pipeline of preclinical oncology assets, including both off-the-shelf and personalized cancer vaccines, as well as a squamous non-small cell lung cancer program.

“This transaction aims at combining complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one roof,” CureVac CEO Alexander Zehnder stated. BioNTech emphasized that CureVac’s “flexible and scalable mRNA manufacturing system benefits BioNTech’s growth plans in mRNA therapeutics,” according to BMO’s Thursday note.

Deal Structure and Regulatory Path

To finalize the acquisition, regulatory and antitrust approvals must be obtained, along with the tendering of at least 80% of CureVac’s shares. As of the announcement, shareholders, board members, and affiliates representing over one-third of CureVac stock have already committed their support.

Once the deal is complete, CureVac will operate as a wholly owned subsidiary of BioNTech. The company has indicated plans for a post-closing “corporate reorganization” of CureVac and its subsidiaries. While the exact nature of this restructuring remains unclear, the announcement did not confirm whether it would involve layoffs or facility closures.

BioNTech’s Oncology Momentum Builds

The acquisition marks another major step in BioNTech’s oncology strategy. In particular, the company highlighted the recent progress of its PD-L1xVEGF-A bispecific antibody candidate, BNT327. In December 2024, BioNTech released Phase Ib/II trial data showing a 73.8% confirmed overall response rate and 95.2% disease control in patients with locally advanced or metastatic triple-negative breast cancer.

Additional data released in March revealed an 85.4% response rate and 97.9% disease control rate in patients with extensive-stage small cell lung cancer. These promising results led Bristol Myers Squibb to partner with BioNTech earlier this month, investing $1.5 billion upfront with an additional $2 billion in non-contingent anniversary payments through 2028 and up to $7.6 billion in potential milestone payments. The companies will co-develop and co-commercialize BNT327, sharing profits and losses equally.