BioNTech Consolidates mRNA Market with CureVac Acquisition

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BioNTech has finalized its takeover of rival CureVac, effectively consolidating its position in the mRNA therapeutics sector. The Mainz-based company now controls approximately 87% of CureVac's shares, marking a significant power shift. However, this strategic move coincides with continued pressure on BioNTech's share price.

Despite a transitional period, BioNTech maintains a robust financial position. For the third quarter of 2025, the company reported revenues of €1.52 billion and subsequently raised its full-year revenue guidance to a range of €2.6 to €2.8 billion. A further $1.5 billion was secured through its collaboration with Bristol Myers Squibb. As of the end of September 2025, BioNTech held €16.7 billion in liquid assets and marketable securities, providing substantial firepower for future research investments or acquisitions.

This financial cushion supports the company's critical strategic pivot: shifting from reliance on COVID-19 vaccine revenues toward a diversified oncology pipeline. The acquisition of CureVac is a cornerstone of this strategy, aimed at broadening BioNTech's mRNA platform technology, particularly in design, formulation, and manufacturing. CureVac will initially operate independently as BioNTech plans its scientific and strategic integration.

Deal Mechanics and Timeline

The transaction was completed on December 18, 2025. BioNTech accepted 195.3 million CureVac shares, representing 86.75% of the total outstanding shares. In exchange, CureVac shareholders received 10.5 million BioNTech American Depositary Receipts (ADRs), based on an exchange ratio of 0.05363 BioNTech shares for each CureVac share.

CEO Ugur Sahin emphasized the technological benefits of the merger. For the remaining minority shareholders, BioNTech intends to execute a squeeze-out procedure in January 2026, after which CureVac's stock will be delisted.

Share Performance and Headwinds

BioNTech's equity has faced persistent selling pressure. Closing at $92.17 on December 22, 2025, the stock reflects a year-to-date decline of roughly 18%. The share price has demonstrated considerable volatility, trading between a 52-week high of $129.27 and a low of $81.20.

A primary factor weighing on the stock is the continued decline in COVID-19 vaccine income. Partner Pfizer recently reduced its 2026 revenue forecast by $1.5 billion, a move that directly impacts BioNTech's Comirnaty sales.

Oncology Pipeline Advances

Away from its pandemic-related business, BioNTech is making tangible progress in oncology. A key asset is Pumitamig, a bispecific antibody targeting PD-L1 and VEGF-A, developed in collaboration with Bristol Myers Squibb. In Phase 2 trials for triple-negative breast cancer, the candidate achieved a 72% response rate.

Another candidate, Gotistobart, has shown clinically meaningful survival benefits in patients with squamous non-small cell lung cancer. Furthermore, the Phase 3 trial ROSETTA-BREAST-01 is continuing following positive interim data.

Analyst sentiment reflects cautious optimism regarding this pipeline. In November, HC Wainwright reaffirmed its Buy rating on BioNTech and increased its price target from $136 to $140, citing a de-risking of ongoing Phase 3 studies. The average analyst price target stands at $138.88, with the most bullish estimates reaching $174.98.

The gap between the current share price and these targets underscores the market's key question: How swiftly can BioNTech successfully transition from its COVID-19 business to a broad-based oncology company? While the CureVac integration strengthens its technological foundation, conclusive proof of this strategic shift remains forthcoming.