CureVac B.V. (CVAC) stock skyrocketed 28.99% in pre-market trading following the announcement that BioNTech SE has agreed to acquire the company in an all-stock transaction. The deal, valued at approximately $1.25 billion, marks a significant consolidation in the mRNA-based therapeutics sector.

Under the terms of the agreement, CureVac shareholders will receive BioNTech American Depositary Shares worth about $5.46 for each CureVac share, representing a 34% premium to CureVac's closing price on Wednesday. The transaction, which has been unanimously approved by both companies' management and supervisory boards, is expected to close in 2025, subject to customary closing conditions and regulatory approvals.

This strategic acquisition aims to enhance BioNTech's capabilities in mRNA-based cancer immunotherapy development. By integrating CureVac's research and manufacturing site in Tübingen, 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.