M&A · Healthcare · Pharmaceutical Preparations
BioNTech SE to acquire CureVac N.V.
Announced Jun 12, 2025 · Closed Jan 6, 2026
Deal value—
Premium34.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- BioNTech SE (BNTX)
- Target
- CureVac N.V. (CVAC)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Jan 6, 2026
Deal protections
- Break fee (target pays)
- $43.8M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- PJT Partners
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- 34.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedJun 12, 2025
- Tender offerOct 21, 2025
- ClosedJan 6, 2026
Valuation · fairness opinions
Discounted cash flow$3.46$4.98
Implied value per CureVac N.V. share by analysis, from Goldman Sachs · DCF discount rate 15%–19%.