Biontech, a prominent German pharmaceutical firm, is acquiring Curevac.
BioNTech, a leading pharmaceutical company based in Mainz, Germany, has announced its intention to acquire CureVac, a rival company based in Tübingen, for approximately $1.25 billion in shares. The acquisition, planned to be completed by the end of 2025, subject to regulatory approvals, is a strategic move to strengthen BioNTech's research, development, manufacturing, and commercialization capabilities in mRNA-based cancer immunotherapy.
CureVac, a clinical-stage biotechnology company specializing in mRNA therapies, complements BioNTech's expansion strategy in oncology, particularly in developing innovative mRNA cancer treatments. The deal is expected to accelerate BioNTech's oncology pipeline, including mRNA-based immunotherapy candidates and bispecific antibody programs such as BNT327.
One of the key milestones in this acquisition is the agreement finalized in June 2025. Another significant development is the Tender and Support Agreement executed on July 31, 2025, whereby CureVac’s majority shareholder KfW, which holds 13.32 percent of CureVac in the name of the Federal Republic of Germany, has committed to tender their 50% stake in CureVac to facilitate the acquisition's successful completion.
The acquisition will bring further know-how on mRNA-based cancer therapies into BioNTech. Another pillar of BioNTech's cancer therapies is the use of antibody-drug conjugates to bring drugs from chemotherapy to cancer cells more specifically. The German government has confirmed that it is fundamentally positive about the business, and Biontech therefore assumes that the KfW will support the transaction.
BioNTech's collaboration with US conglomerate Bristol Myers Squibb for the development of BNT327, a promising cancer drug candidate, is another significant development. The agreement includes a $3.5 billion payment from Bristol Myers Squibb to BioNTech, with potential for additional $7.6 billion if certain development milestones are reached.
The transaction will have a billion-dollar volume. Shareholders who together hold 36.76 percent of CureVac shares have signed agreements to tender their shares, subject to certain conditions, including the biotech holding Dievini of SAP co-founder Dietmar Hopp. After the acquisition, which is planned to be completed by the end of 2025, CureVac shareholders will likely hold between 4 and 6 percent of BioNTech.
The payment will be made in installments, with some paid in the second quarter and the rest by 2028 with follow-on payments. The acquisition is intended to bring further know-how on mRNA-based cancer therapies into BioNTech, reinforcing its position as a leader in mRNA cancer treatments development.
The impact on the pharmaceutical industry involves consolidation in the mRNA therapeutic space, potentially intensifying competition in this innovative segment of biotech. The deal also reflects the growing trend of large biotechs acquiring specialized mRNA developers to bolster technology platforms and diversify pipelines.
Financially, BioNTech reported maintaining a strong cash position of €16.0 billion as of June 2025, with expected additional cash inflows from partnerships like that with Bristol Myers Squibb, positioning the company well to support integration and R&D activities post-acquisition.
In summary, BioNTech’s acquisition of CureVac for $1.25 billion in shares marks a significant strategic investment to enhance mRNA-based oncology R&D and commercialization capabilities, consistent with its broader ambition to lead in next-generation cancer therapies within the pharmaceutical industry. The CureVac research and development site in Tübingen will remain after the acquisition.
Economic and social policy in the pharmaceutical industry may require reevaluation due to BioNTech's acquisition of CureVac, as this strategic move is expected to intensify competition within the mRNA therapeutic space. Technology, in the form of innovative mRNA-based cancer treatments, is a key area where BioNTech aims to bolster its capabilities, backed by substantial investments and collaborations.
