BioNTech's $1.25 Billion Acquisition of CureVac
The following legal analysis will examine the ongoing acquisition of CureVac N.V. (in the following “CureVac”) by BioNTech SE (in the following “BioNTech”), which is reshaping the biotechnology and drug discovery industry and has the potential to transform Germany's role as a center of innovation in cancer research and genetic engineering. Before the legal contentions and potential impact of this transaction are elaborated on, the involved parties and the dimensions and background of their acquisition agreement are presented.
Acquirer Overview – BioNTech
Year of Foundation: 2008, Mainz (Germany)
Founders: Ugur Sahin, Özlem Türeci, Christoph Huber
CEO (at time of acquisition): Ugur Sahin
Market Valuation: $25.21 B (as of November 4, 2025)
BioNTech is one of the world’s leading biotech companies and was founded in 2008 in Mainz (Germany) as a spin-out of the Johannes Gutenberg University of Mainz by Ugur Sahin, Özlem Türeci and Christoph Huber.[i] The founding resulted from Germany’s Federal Ministry of Research, Technology and Space’s “GO-Bio” founder-scholarship, which awarded BioNTech with a total of €4.1 million from 2007 until 2013.[ii] BioNTech’s mission is to “translate science into survival”.[iii]
Additionally, BioNTech raised $180 million in its seed round from German biotech billionaire twins Andreas and Thomas Strüngemann, MIG Capital (a VC fund) and others.[iv] In 2012, BioNTech initiated its first in-human trial for mRNA cancer therapy, followed in 2014 by its first in-human trial of mRNA cancer immunotherapy based on machine learning algorithms designed by BioNTech.[v] Messenger ribonucleic acid (mRNA) is a single-stranded molecule that carries transcribed genetic information from DNA to the ribosome in the cytoplasm, where it is translated into the protein it encodes.
After BioNTech’s 2015 expansion of its research and development (“R&D”) department through cooperations with other pharmaceutical companies, famously the Roche Group, BioNTech went public and completed its IPO in 2019, listing on the NASDAQ Global Select Market under the ticker BNTX.[vi]
BioNTech then developed the first COVID-19 vaccine approved by the U.S. Food and Drug Administration (“FDA”) on August 23, 2021.[vii] It was also based on mRNA technology and was found as one of the most efficacious vaccines on the market.[viii] The “Project Lightspeed” only took ten months of development from start to large clinical trials and the following first institutional approval and marked the fastest vaccine development in medical history but also proved mRNA-based drugs as a new concept in medicine.[ix]
BioNTech’s further milestones include the commercialization of its first variant-adapted COVID-19 vaccine and the introduction of modular mRNA vaccine factories to be deployed worldwide (e.g. Rwanda and Australia) in 2022, strategic partnerships with governments (especially the UK) and other biotech companies in 2023, the acquisition of InstaDeep in 2023 to improve BioNTech’s machine learning and AI-based drug discovery as well as scientific breakthroughs and clinical testing starting in 2024. Notable are the stage 3 clinical trial of an antibody-drug conjugate treating low metastatic breast cancer and an mRNA-based lung cancer immunotherapy. In 2025, BioNTech acquired Biotheus, a biotech company that focuses on the design of next-generation antibodies and is committed to a global strategic partnership with Bristol Myers Squibb, to further accelerate the antibody research.
Target Overview – CureVac
Year of Foundation: 2000, Tübingen (Germany)
Founders: Ingmar Hoerr,[x] Steve Pascolo[xi], Florian von der Mülbe[xii]
CEO (at time of acquisition): Alexander Zehnder
Market Valuation: $1.2 B
CureVac resulted from co-founder Ingmar Hoerr’s doctoral research at the University of Tübingen (Germany).[xiii] Hoerr discovered that the biomolecule mRNA can be used in a therapeutic context and vaccination with slight modification performed to it.[xiv] CureVac pioneered the use of mRNA as a tool to target various diseases and to create vaccines by implementing the antibody information of a specific (viral) disease into modified mRNA. These initial discoveries led to a new field within the healthcare sector and particularly the biotech industry. Hence, CureVac describes its staff as the “RNA people” in pursuit of its self-declared mission to transform people’s lives using therapeutic mRNA.
Dietmar Hopp, co-founder of SAP SE, is among the early investors, both with his private capital as well as his biotech investment fund dievini Hopp BioTech holding GmbH & Co. KG and others held the biggest stake with about 35% of shares. In 2015, CureVac also gained the Bill and Melinda Gates Foundation as institutional investor.[xv] A focus of CureVac lies within the field of oncology especially the mRNA-based treatment of cancer – an area in which CureVac grew its pipeline since March 2015.[xvi]
CureVac famously made headlines in the context of the COVID-19 pandemic and US president Trump’s alleged offers to seek an exclusive vaccine deal for the US with CureVac in March 2020.[xvii] In support of CureVac’s COVID-19 vaccine research and development, CureVac secured governmental funds from the German government as well as funding from the European Union. For that purpose, CureVac also went public and got listed on the NASDAQ.
Ultimately, CureVac had to pull back its rolling submission to the European Medicines Agency (“EMA”), due to too low efficacy levels of around 48% compared to over 90% that the BioNTech/Pfizer vaccine measured.[xviii] In consequence, CureVac shifted its focus from first-generation vaccines to second-generation, so-called booster COVID-19 vaccines and into its oncology research. Additionally, international partnerships, especially with GlaxoSmithKline (GSK), were strengthened and the inflated pandemic-era company structure was partially removed.[xix]
Deal Overview
Type of transaction: Acquisition
Parties involved: BioNTech SE and CureVac N.V.
Transaction size: $1.25 B
Transaction model: Share Exchange for all outstanding CureVac shares
BioNTech’s acquisition of CureVac is primarily motivated by BioNTech’s focus on cancer research and mRNA-based immunotherapy drug discovery. CureVac does not sell a product yet and its pipeline is comparably small, but CureVac holds valuable Intellectual Property (“IP”) in (mRNA-based) oncology R&D which BioNTech seeks to benefit from. CureVac on the contrary struggled with its failed first attempt to bring a COVID-19 vaccine to market and its missing market-ready products to generate revenue. With BioNTech’s acquisition of CureVac, shareholders can ensure financial stability facing the recent decline in revenue, which was only temporarily improved by GSK’s license agreement from last year and probably brought an asset into the negotiations. By acquiring CureVac, BioNTech also resolved its costly and lasting multi‑jurisdictional patent litigation over COVID-19 vaccine patents with CureVac.
BioNTech and CureVac announced its purchase agreement and transaction on June 12, 2025, and BioNTech commenced its offer on October 22, 2025.[xx] CureVac announced an extraordinary general meeting on November 25, 2025, and both parties expect to finalize the acquisition by the end of 2025. The deal values each CureVac share at approximately $5.46 in BioNTech American Depositary Shares (ADSs), representing a 55% premium to the three-month volume-weighted average price of $3.53 for CureVac. This would result in prior CureVac shareholders holding a 4-6% stake in BioNTech.[xxi]
Legal Contentions
Having presented the financial background to BioNTech's acquisition of CureVac, the multinational legal contentions are outlined below.
Incorporation and applicable law:
BioNTech is incorporated as a Societas Europaea (SE), which is a public company limited by shares established under the EU’s Council Regulation No 2157/2001 on the Statute for a European Company (SE). CureVac N.V. is incorporated as a naamloze vennootschap (N.V.), which is a public limited company by shares under Book 2 of the Dutch Civil Code. In addition to European and Dutch corporate law, German civil (BGB), company (AktG/SEAG), and competition/antitrust law (GWB/EU cartel regulation) are applicable. Both BioNTech and CureVac are listed on NASDAQ, requiring registration of its shares as securities with the US Securities and Exchange Commission (“SEC”) under Section 12(b) of the Securities Exchange Act of 1934. The NASDAQ listing agreement specifies a choice of law in favor of New York and US federal law, requiring compliance with NASDAQ Marketplace Rules.[xxii] Although US regulations are not directly enforceable against these foreign companies under their home law, compliance is nonetheless mandatory for market access, with enforcement occurring through SEC oversight, listing obligations, and market structure.
Regulatory oversight / Antitrust:
Article 25 of the Statute for a SE establishes a right to object to a merger for the member state in which the SE has its headquarters, if there is such right in place for their national public limited company. Since BioNTech has its headquarters in Mainz, Germany, and the German Competition Act (GWB) installed such veto power for the German Federal Cartel Office (Bundeskartellamt) with Section 35 (1a) GWB, the acquisition had to undergo an investigation by the Federal Cartel Office after BioNTech informed the agency about its acquisition plans. The German Federal Cartel Office released a press brief on October 14, 2025, that they did not find a major overlap in the pipelines of both companies and hence could not find a threat to competition, especially considering the broad global research and competition in biotech. Consequently, the Bundeskartellamt gave their clearance on the acquisition.[xxiii]
The German Federal Cartel Office has been responsible for the antitrust proceedings, results from the failure to meet the threshold requirements in Art. 1 (2) and (3) of the European Council’s EG Merger Regulation. If the acquisition would have met the laid-out requirements in the EG Merger Regulation, the European Commission would be solely responsible for the antitrust proceedings (One-stop shop model) and would repress member states national competition law.
The €5,000 million threshold in Art. 1 Section 2 is not met due to BioNTech’s and CureVac’s combined turnover of €3,285 million; the threshold under Art. 1 (2) is not met because CureVac’s turnover only surpasses €100 million in Belgium, where CureVac made 97.14% of its total global turnover in 2024 due to its license agreement with GSK. Hence, CureVac did not achieve a turnover of €100 million in three member states which leaves the responsibility to the national competition regulatory agencies.
Because CureVac has its headquarters in Amsterdam, the Netherlands Authority for Consumers and Markets (Autoriteit Consument & Markt or ACM), could have been responsible next to the German Bundeskartellamt. But under Article 29 Section 1 of the Dutch Competition Act, at least two of the involved companies must make more than €30 million in turnover in the Netherlands. CureVac only earned a turnover of €2.38 million in the Netherlands which excludes the transaction of the ACM’s concentration oversight.
In terms of European regulatory oversight, the transaction must comply with the EU’s Foreign Subsidies Regulation (“FSR”). Article 20 of which stipulates a notification requirement in case of an acquisition in which at least one of the parties generated an aggregated turnover of at least €500 million and the acquirer was granted at least €50 million from third countries three years prior to the agreement, the acquisition or its announcement. Both thresholds were met by BioNTech as acquirer, and the consequential notice was given on September 5, 2025, and the standstill deadline resulting out of Article 24 Section 1 (a) passed without further investigative action on October 10, 2025.
Finally, the European Parliament’s and Commission’s Prospectus Regulation (2017/1129) require the emitter of new securities to release an approved prospectus and its summary (Articles 3 and 6). The German Federal Financial (Bundesanstalt für Finanzdienstleistungsaufsicht [BaFin]), approved the prospectus published on October 20, 2025, on the same date in accordance with Article 24 of the Prospectus Regulation.[xxiv]
After analyzing the European regulatory oversight and antitrust laws, the US laws and regulations are elaborated on. A Notification and Report Form was filed with the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) under the Hart‑Scott‑Rodino Antitrust Improvements Act of 1976 (HSR Act), pursuant to 15 U.S.C. § 18a, which empowers the agencies to request further information, extend the waiting period or seek a court order to prevent the transaction from closing if they believe the transaction violates U.S. antitrust law, particularly the Clayton Act of 1914 (15 U.S. Code § 18) with respect to M&A transaction that may result in significantly lessened competition.
With respect to the already mentioned Securities and Exchange Act of 1934 and the Securities Act of 1933, BioNTech and CureVac were obligated to file multiple forms with the SEC:
The first filing that informed the public that BioNTech and CureVac reached a definite purchase agreement and that BioNTech will acquire CureVac as a result, was filed as Form 425 by BioNTech on June 12, 2025. While other 425 filings informed the public about the transaction’s progress and relating measures, the next major form filed by BioNTech on August 11, 2025 was the Form F-4 required under the Securities Act of 1933 that BioNTech will register American Depositary Shares (ADSs) of BioNTech in exchange for CureVac shares.[xxv] This filing also resulted in BioNTech’s obligation to report a prospectus on the newly registered shares, which they provided on October 20, 2025 by filing Form 425 with the SEC.[xxvi] BioNTech filed a Schedule TO (tender offer statement) under Section 14(e) of the Securities Exchange Act of 1934 on October 21, 2025 to disclose that they made a tender offer for all outstanding shares of CureVac.[xxvii] CureVac correspondingly filed a Solicitation/Recommendation Statement on Schedule 14D-9 under Section 14(d)(4) of the Securities Exchange Act of 1934 with the SEC on October 23, 2025.[xxviii]
Deal structure:
The acquisition of CureVac by BioNTech is executed through an all-share exchange structure combined with a legal downstream merger under Section 2:308 of the Dutch Civil Code (“juridische fusie”), whereby CureVac N.V. merges as the disappearing entity into CureVac Merger B.V., a newly incorporated Dutch private limited company that becomes the acquiring and surviving entity through universal succession, automatically assuming all assets, liabilities, and contractual obligations of CureVac. This merger also triggers CureVac’s delisting from NASDAQ, completing its transition from a public company to a private entity within the BioNTech group. Pursuant to the purchase agreement, the surviving company—referred to as “New Tipco”—will be structured with two classes of shares: New Tipco A shares, which are issued to CureVac shareholders both through the scheduled tender offer and the statutory share exchange at merger completion, and New Tipco B shares, which are issued to BioNTech to establish and maintain its controlling ownership position in the combined enterprise. The transaction depends on an 80% acceptance rate by CureVac shareholders, that can be lowered to 75% by BioNTech under certain conditions. Acceptance can be given by accepting the exchange offer or by voting for the downstream merger at CureVac’s extraordinary general meeting.
For CureVac shareholders who tender their shares in the exchange offer, the consideration consists of newly registered BioNTech ADSs. The specific number of BioNTech ADSs granted for each CureVac share is subject to an exchange ratio mechanism driven by a collar. The underlying calculation is based on an upper and lower 10-day Volume Weighted Average Price (VWAP) of the BioNTech ADS and would result in an exchange ratio of about 5192:100000 as of today (18th of November). The 10-day VWAP is about $105.25 which is between the upper and lower bounds stated in the purchase agreement. Hence, 5.4641 is divided by the 10-day VWAP which results in said ratio.
CureVac shareholders who do not tender in the exchange offer retain their shares through the merger process. After the merger, they receive New Tipco A shares, which are then cancelled in a squeeze-out. They are subsequently granted the same compensation as tendering shareholders: BioNTech ADSs valued at the same rate under the initial offer. This ensures equal, pro-rata treatment for all CureVac shareholders, regardless of participation in the tender. After completion of the transaction, BioNTech consolidates full direct and indirect ownership over CureVac’s enterprise and IP. CureVac shareholders as a group will collectively own between approximately 4% and 6% of BioNTech, depending on the final exchange ratio established by the VWAP calculation. The deal structure synchronizes Dutch statutory merger requirements, U.S. securities law for the issuance of BioNTech ADSs, and equal treatment for all shareholder factions.[xxix]
Dispute resolution, IP and other legal aspects:
BioNTech and CureVac have been heavily litigating worldwide over potential IP, especially patent infringements by BioNTech in its development of its first COVID-19 vaccine. As a consequence of the acquisition, those IP lawsuits must be settled by respective agreements. Jurisdictions in which such settlements must be made include the US, Germany and the European Union. Additionally, CureVac’s IP will have to be transferred to BioNTech, and global partnerships must be re-evaluated and adapted to the new conditions. Pfizer, Bristol Myers Squibb, and GSK are prominent partners of BioNTech and CureVac and will be the focus of negotiation. For the transfer of clinical human trials and drug permits the EMA and the FDA will be the major regulatory bodies of interest. Regarding the transfer of patents and other IP, the national patent offices, especially the German Patent and Trademark Office (Deutsches Patent- und Markenamt), the European Patent Office and the US Patent and Trademark Office will be the agencies in focus. In addition, privacy and data security legal frameworks such as the EU’s General Data Protection Regulation and the U.S. Health Insurance Portability and Accountability Act (“HIPAA”) will have to be regarded while transferring patient and other personal data in the context of research and clinical trials of both companies. Finally, the SE Act requires special oversight by employee representatives in case of a concentration and general employment law provisions must be considered.
Law firms involved:
BioNTech is advised by Covington & Burling LLP, Hengeler Mueller Partnerschaft von Rechtsanwälten mbB and Loyens & Loeff N.V., while CureVac hired Skadden, Arps, Slate, Meagher & Flom LLP and Nauta Dutilh N.V. PJT Partners functions as BioNTech’s lead financial advisor and is advised by Latham & Watkins LLP, while Goldman Sachs is CureVac’s financial advisor and is advised by Sullivan & Cromwell LLP.[xxx]
Opportunities for the Deal
BioNTech’s acquisition of CureVac marks a strategically significant event for the European biotechnology landscape and for the global advancement of mRNA technology. The opportunities presented by the deal are substantial, beginning with the consolidation of intellectual property, talent, and scientific resources. BioNTech, already an industry leader following its breakthrough COVID-19 vaccine, will gain direct access to CureVac’s complementary mRNA platform, proprietary formulations, and its established research site in Tübingen. This convergence is expected to accelerate innovation in mRNA-based therapeutics, with particular promise for next-generation vaccines and cancer immunotherapies. By absorbing CureVac’s pipeline and manufacturing capacity, BioNTech stands to expand its operational reach, diversify its scientific endeavors, and strengthen its competitive position in both European and international markets.[xxxi]
Beyond platform and pipeline expansion, the deal offers BioNTech the advantage of eliminating one of its principal European rivals. Given CureVac’s history of litigation and competition over mRNA patents with both BioNTech and other industry giants, a unified entity will be better positioned to defend its core technologies, manage patent challenges, and optimize the use of intellectual assets, but mainly will save BioNTech from further litigation with CureVac after the European Patent Office declared a crucial vaccine patent from CureVac as valid.[xxxii] Furthermore, the acquisition creates an opportunity for operational streamlining: the new entity can leverage economies of scale in both research and production, potentially reducing time-to-market for innovative therapies and lowering unit costs. The transaction could serve as a model for sector consolidation, promoting a more robust and resilient biopharma ecosystem in Europe as competitors, such as Moderna, intensify their own deal-making efforts. Previous sector mergers underscore the benefits of combining robust R&D pipelines and global commercial resources.[xxxiii] Both are key factors that have historically driven value creation and investor confidence in large-scale biotech transactions.
Potential risks
However, these opportunities are balanced by several risks, some inherent to the sector, others arising specifically from the dynamics of employee integration and organizational transition. The most immediate concern stems from the perspective of CureVac’s staff, who face uncertainty regarding the future of their roles, the stability of research programs, and the cultural shift that follows such a major acquisition.[xxxiv] CureVac has already experienced significant restructuring and job reductions prior to the deal,[xxxv] and employee apprehension is likely to intensify as BioNTech moves to integrate overlapping business functions. Experience from analogous biotech mergers shows that operational consolidation frequently leads to further layoffs, voluntary turnover, and difficulties harmonizing distinct corporate cultures, which in turn can undermine morale and productivity.[xxxvi]
In addition to staff-related challenges, the deal exposes both companies to technological and regulatory risks. Although mRNA therapeutics have captured significant investor interest since 2020, much of their clinical and commercial potential remains speculative, especially for treatments outside the vaccine arena. Setbacks in clinical trials, regulatory delays, or failure to realize expected synergies could diminish the strategic impact of the merger. Financially, BioNTech’s shareholders must bear the risk that the anticipated benefits may not fully materialize, particularly if integration expenses outstrip projections or if short-term disruptions depress market sentiment.[xxxvii]
References
[i] BioNTech, Our History, https://www.biontech.com/us/en/home/about/history.html.
[ii] BFTR, Press release 224/2021, https://www.bmftr.bund.de/SharedDocs/Pressemitteilungen/DE/2021/11/171121-Zukunftspreis2021-BionTech.html?templateQueryString=biontech.
[iii] BioNTech, About Us, https://www.biontech.com/us/en/home/about/vision-and-mission.html.
[iv] BioNTech, Our History, https://www.biontech.com/us/en/home/about/history.html.
[v] BioNTech, Our History, https://www.biontech.com/us/en/home/about/history.html.
[vi] Cf. BioNTech, Our History, https://www.biontech.com/us/en/home/about/history.html.
[vii]FDA News Release, https://www.fda.gov/news-events/press-announcements/fda-approves-first-covid-19-vaccine.
[viii] Cf. Fiolet et al., Clinical Microbiology and Infection, Volume 28, Issue 2, pp. 202 – 221.
[ix] BioNTech, Our History, https://www.biontech.com/us/en/home/about/history.html/
[x] CureVac, SEC DRS Form, p. 227, https://www.sec.gov/Archives/edgar/data/1809122/000110465920130083/filename1.htm.
[xi] https://www.cancer.uzh.ch/en/aboutus/Institutes-and-Members/Steve-Pascolo.html.
[xii] CureVac, SEC DRS Form, p. 227, https://www.sec.gov/Archives/edgar/data/1809122/000110465920130083/filename1.htm.
[xiii] Cf. CureVac, About Us, https://www.curevac.com/en/about-us/.
[xiv] Cf. Hoerr et al., “In Vivo Application of RNA Leads to Induction of Specific Cytotoxic T Lymphocytes and Antibodies,” European Journal of Immunology 30, no. 1 (2000): 1–7, https://doi.org/10.1002/1521-4141(200001)30:1%253C1::AID-IMMU1%253E3.0.CO;2-%2523.
[xv] Bonnet, Wem gehört CureVac? Das sind die größten Anteilseigner des Tübinger Impfstoffentwicklers, finazen.net,
[xvi] Cf. CureVac, About us, https://www.curevac.com/en/about-us/.
[xvii] Dyer, Clare. “Covid-19: 15 000 Deregistered Doctors Are Told, ‘Your NHS Needs You.’” BMJ: British Medical Journal368 (2020): 1. https://www.jstor.org/stable/27236881.
[xviii] Fiolet et al., “Comparing COVID-19 vaccines for their characteristics, efficacy and effectiveness against SARS-CoV-2 and variants of concern: a narrative review”, Clinical microbiology and infection: the official publication of the European Society of Clinical Microbiology and Infectious Diseases, 28(2), 202–221.
[xix] Adam, “CureVac: From a failed drug to a €1.45 billion deal”, LABIOTECH, 01.08.2024, http://labiotech.eu/in-depth/curevac-gsk-deal-mrna/.
[xx] BioNTech, Press Release: BioNTech Commences Public Exchange Offer for All Outstanding Shares of CureVac N.V., https://investors.biontech.de/news-releases/news-release-details/biontech-commences-public-exchange-offer-all-outstanding-shares.
[xxi] CureVac, BioNTech Announces Strategic Transaction to Acquire CureVac in Public Exchange Offer, https://www.curevac.com/en/biontech-announces-strategic-transaction-to-acquire-curevac-in-public-exchange-offer/.
[xxii] NASDAQ Listing Agreement, https://www.sec.gov/files/rules/other/nasdaqllcf1a4_5/h_listagree.pdf.
[xxiii] Bundeskartellamt Press Release, BioNTech can acquire CureVac, https://www.bundeskartellamt.de/SharedDocs/Meldung/EN/Pressemitteilungen/2025/10_14_2025_Biontech.html?nn=55030.
[xxiv] BaFin, American Depositary Shares of BioNTech SE / WKN: A2PSR2 / ISIN: US09075V1026, https://portal.mvp.bafin.de/database/VPInfo/prospekt.do?details=true&id=66717331&typId=40&bereich=3&cmd=zeigeProspektEmittentenSuche.
[xxv] BioNTech, F-4 SEC filing, https://investors.biontech.de/static-files/1aa8bcd1-97f5-4551-abe1-2108155058f6.
[xxvi] BioNTech, Prospectus, https://investors.biontech.de/static-files/9fd0c458-7b3e-4753-a5c4-a579d6989474.
[xxvii] BioNTech, Schedule TO SEC filing, https://investors.biontech.de/static-files/7436a167-6b90-44cc-9b67-c9cbd45e219b.
[xxviii] CureVac, Schedule 14D-9, https://curevac.gcs-web.com/static-files/f82eae57-b6f5-4d29-97b3-c1e1d3b5cb1c.
[xxix] BioNTech’s and CureVac’s purchase agreement, https://www.sec.gov/Archives/edgar/data/1809122/000110465925059879/tm2517876d3_ex99-1.htm; CureVac, Convening Notice, https://www.sec.gov/Archives/edgar/data/1809122/000110465925059879/tm2517876d3_ex99-1.htm.
[xxx] Reifenberger, „Mandate der Woche“, in Börsen Zeitung, https://www.boersen-zeitung.de/recht-kapitalmarkt/mandate-der-woche-31.
[xxxi] Cf. CureVac’s and BioNTech’s shared Press Release, BioNTech Announces Strategic Transaction to Acquire CureVac in Public Exchange Offer, https://www.curevac.com/en/biontech-announces-strategic-transaction-to-acquire-curevac-in-public-exchange-offer/.
[xxxii] Cf. Plieth, “CureVac goes out with a whimper”, https://www.oncologypipeline.com/apexonco/curevac-goes-out-whimper.
[xxxiii] Cf. Mukherjee, “3 major trends driving layoffs in biotech and pharma”, BIOPHARMADIVE, https://www.biopharmadive.com/news/3-major-trends-driving-layoffs-in-biotech-and-pharma/399484/.
[xxxiv] Cf. DeFauw et al., „Tackling the Talent Challenge in Biotech Acquisitions“, https://www.bcg.com/publications/2023/tackling-the-talent-challenge-in-biotech-acquisitions.
[xxxv] Burger, “BioNTech takes over CureVac in $1.25 billion all-stock deal among COVID rivals”, Reuters, https://www.reuters.com/business/healthcare-pharmaceuticals/biontech-acquire-curevac-125-billion-all-stock-deal-2025-06-12/.
[xxxvi] Cf. MarketMinute, “Moderna Ignites Biotech Sector with Deal Talk Surge Amidst Broader Healthcare Woes” ,https://markets.financialcontent.com/stocks/article/marketminute-2025-10-30-moderna-ignites-biotech-sector-with-deal-talk-surge-amidst-broader-healthcare-woes.[xxxvii] Cf. ibid. and Snyder Bulik, “BioNTech strikes $1.25 billion deal for CureVac”, EMARKETER, https://www.emarketer.com/content/biontech-strikes--1-25-billion-deal-curevac.