BioNTech (NASDAQ:BNTX) has agreed to acquire its German rival CureVac (NASDAQ:CVAC) in an all-stock transaction worth nearly $1.25B, the companies announced Thursday. Shares of CureVac (NASDAQ:CVAC) jumped ~26% in reaction to the announcement, while BioNTech (NASDAQ:BNTX) ADRs traded flat.
Tübingen, Germany-based CureVac (NASDAQ:CVAC) focuses on developing messenger ribonucleic acid ((mRNA))-based treatments for cancer and infectious diseases, making it a strong fit for BioNTech’s (NASDAQ:BNTX) mRNA-led portfolio, which includes its COVID-19 vaccine developed with Pfizer (PFE).
“This transaction is another building block in BioNTech’s oncology strategy and an investment in the future of cancer medicine,” BNTX’s CEO Ugur Sahin remarked.
“This transaction aims at combining complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one roof,” added CureVac (CVAC) CEO Alexander Zehnder.
This is a developing story. Check back for more updates.
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