CureVac B.V. (CVAC) shares skyrocketed 28.99% in pre-market trading following the announcement of a strategic acquisition by BioNTech SE. The all-stock transaction, valued at approximately $1.25 billion, marks a significant consolidation in the mRNA-based therapeutics sector, particularly in cancer immunotherapy development.
According to the terms of the deal, BioNTech will acquire CureVac through a public exchange offer, where each CureVac share will be exchanged for approximately $5.46 in BioNTech American Depositary Shares. This represents a 34% premium to CureVac's closing share price on Wednesday. Upon completion of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech.
The 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, BioNTech seeks to leverage complementary scientific capabilities and proprietary technologies. This strategic move is particularly focused on accelerating the development of transformative mRNA-based cancer immunotherapies, an area where both companies have been actively working. The deal, 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.
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