CureVac B.V. (CVAC) stock is soaring 34.15% in pre-market trading on Thursday, following the announcement that BioNTech SE has agreed to acquire the company in an all-stock transaction valued at approximately $1.25 billion. This strategic move marks a significant consolidation in the mRNA-based therapeutics sector, particularly in cancer immunotherapy development.

Under the terms of the agreement, each CureVac share will be exchanged for about $5.46 in BioNTech American Depositary Shares, representing a 34% premium to CureVac's closing price on Wednesday. Upon completion of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech. The deal has been unanimously approved by both companies' management and supervisory boards and is anticipated to close in 2025, subject to customary closing conditions and regulatory approvals.

This acquisition aims to enhance BioNTech's research, development, manufacturing, and commercialization capabilities in mRNA-based medicines. By integrating CureVac's research and manufacturing site in Tübingen, Germany, BioNTech seeks to leverage complementary scientific capabilities and proprietary technologies. The move is part of BioNTech's broader strategy to expand its oncology portfolio, following its recent licensing deal with Bristol-Myers Squibb. For CureVac, which had previously struggled with its COVID-19 vaccine development, this acquisition represents a significant pivot and potential turnaround in its business trajectory.