BioNTech (NASDAQ: BNTX) agrees to acquire CureVac

CureVac NV (NASDAQ: CVAC) stock soared 29.5% on Thursday pre-market trading after German biotech firm BioNTech SE (NASDAQ: BNTX) said it would acquire the company for approximately $1.25 billion.

Under the terms of the agreement, each CureVac share will be exchanged for about $5.46 in BioNTech American depositary shares. The acquisition brings together two companies that were previously competitors in the development of COVID-19 vaccines.

BioNTech stated that the acquisition aims to strengthen its capabilities in research, development, manufacturing, and commercialization of investigational mRNA-based cancer immunotherapy.

The acquisition comes as pharmaceutical companies increasingly focus on mRNA technology beyond vaccines, exploring applications in cancer immunotherapy and other therapeutic areas.

“For more than two decades, both companies have operated with related ambitions, often tackling challenges from different angles. This transaction aims at combining complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one roof,” Alexander Zehnder, CEO of CureVac said in a statement.

Following the deal, CureVac’s operating unit will become a wholly owned subsidiary of BioNTech.