Biontech Acquires Curevac in a Move to Strengthen mRNA-Based Cancer Immunotherapy Research and Development
In a bid to enhance its research and development in the area of mRNA-based cancer immunotherapy, Biontech has announced the acquisition of Curevac. The German biotech company will exchange its American Depositary Shares for Curevac shares, with a value of approximately $5.46 per share, representing a 55% premium on Curevac’s three-month volume-weighted average price.
The acquisition is expected to combine the “complementary capabilities” of the two companies in mRNA design and manufacturing. Biontech plans to integrate Curevac’s research and production site in Tübingen into its network. The transaction has been approved by the boards of directors and supervisory boards of both companies and is expected to be completed this year.
Ugur Sahin, CEO of Biontech, described the acquisition as a further building block in the company’s oncology strategy, while Curevac’s CEO, Alexander Zehnder, reaffirmed the “shared determination” to harness the potential of mRNA technologies. The German government has reportedly expressed support for the transaction and Biontech expects the support of Curevac shareholders, who collectively hold 50.08% of the company’s shares.