COVID-19 Vaccine Maker BioNTech Buys CureVac as It Aims for Cancer Treatments
BioNTech is buying fellow German firm CureVac for approximately $1.25 billion as the COVID-19 vaccine maker moves to expand into cancer treatments.
For each CureVac share they own, investors will get about $5.46 worth of BioNTech American Depositary Shares.
CureVac is developing cancer medicines using the same mRNA technology that BioNTech uses for its COVID-19 shot.CureVac (CVAC) shares skyrocketed 37% Thursday when the biotech company agreed to be bought by COVID-19 vaccine maker and fellow German firm BioNTech (BNTX) in an all-stock deal valued at about $1.25 billion. The purchase boosts BioNTech's move into producing new cancer treatments.
CureVac said its investors will receive approximately $5.46 worth of BioNTech American Depositary Shares for each CureVac share they own. That a 34% premium to yesterday's closing price.
The company noted it is "developing a novel class of transformative medicines in oncology and infectious diseases based on messenger ribonucleic acid ("mRNA")." BioNTech's COVID-19 shot is also mRNA-based.
BioNTech co-founder and CEO Dr. Ugur Sahin said the deal is aimed at "advancing the development of innovative and transformative cancer treatments and establishing new standards of care for various types of cancer in the coming years."
The transaction is expected to close this year and would see CureVac's operating subsidiary become a wholly owned subsidiary of BioNTech.
Shares of CureVac soared to their highest level since December 2023. U.S.-listed shares of BioNTech were little changed and remain down nearly 8% year-to-date.
Read the original article on Investopedia
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