BioNTech SE announced that it has received formal approval to proceed with its exchange offer to acquire all outstanding shares of CureVac N.V. The approval was ratified at CureVac’s extraordinary general meeting held on November 25 2025, with 99.16 % of votes cast in favor of the proposal. The exchange ratio is set at 0.05363 BioNTech ADS per CureVac share, based on CureVac’s volume‑weighted average price of $101.88 over the ten trading days ending November 25 2025. CureVac shareholders are instructed to tender their shares by 6:00 p.m. Eastern Time on December 2 2025 to ensure processing before the offer’s expiration at 9:00 a.m. on December 3 2025.
The transaction is expected to close as soon as reasonably practicable, subject to regulatory approvals and the fulfillment of the minimum condition of acquiring at least 80 % of CureVac’s shares. The deal, valued at approximately $1.25 billion, is an all‑stock transaction that will give BioNTech a majority stake in CureVac’s mRNA research, development, and manufacturing capabilities. BioNTech CEO Ugur Sahin said the acquisition “is another building block in BioNTech’s oncology strategy and an investment in the future of cancer medicine.”
BioNTech’s balance sheet is strong, with a current ratio of 7.12 and a debt‑to‑equity ratio of 0.01, giving it ample liquidity to fund the integration. CureVac reported a cash runway extending into 2028, and the acquisition will allow BioNTech to leverage CureVac’s Tübingen manufacturing site to scale production of next‑generation mRNA therapeutics. The German Federal Cartel Office has granted clearance, and major CureVac shareholders, including dievini Hopp BioTech, have pledged support for the deal.
The strategic rationale behind the acquisition is to combine complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one umbrella. By integrating CureVac’s platform, BioNTech aims to accelerate the development of mRNA‑based cancer immunotherapies and reduce potential royalty costs that could arise from ongoing patent litigation with Pfizer and CureVac. Dr. Alexander Zehnder, CureVac CEO, noted that the transaction “aims at combining complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one roof.”
The offer’s expiration and tender deadline create a sense of urgency for CureVac shareholders, while the regulatory approval and financial backing position BioNTech to move quickly toward integration. The deal is expected to enhance BioNTech’s competitive position in the global biopharmaceutical market and broaden its oncology pipeline, reinforcing its leadership in mRNA technology.
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