BioNTech agreed on June 12, 2025, to acquire fellow German biotech CureVac in an all‑stock deal valued at approximately $1.25 billion, aimed at accelerating its cancer‑immunotherapy agenda. Under the agreement, CureVac shareholders receive about $5.46 in BioNTech ADSs per share a roughly 55% premium over CureVac’s recent trading range. The share exchange includes a collar mechanism to address fluctuations in BioNTech’s ADS price, and upon closing, CureVac investors are expected to hold 4–6% of the combined company.