German Antitrust Authority Clears Path for BioNTech’s CureVac Acquisition

The proposed acquisition of CureVac by its larger competitor BioNTech has moved significantly closer to completion following a crucial regulatory approval. Germany’s Federal Cartel Office granted clearance on Tuesday for the multi-billion dollar merger between these two pioneering mRNA technology companies, removing one of the final major obstacles for a transaction that could fundamentally reshape the German biotechnology sector.

Strategic Rationale Behind the Approval

Andreas Mundt, President of the German antitrust authority, explained the regulatory decision by highlighting a key consideration: “The pharmaceutical research pipelines of BioNTech and CureVac show no significant overlaps.” The regulatory body emphasized that although both firms operate within the mRNA technology space, their market positions are distinctly different.

BioNTech currently markets COMIRNATY, an approved COVID-19 vaccine, while CureVac has not yet brought any pharmaceutical products to market. Even within the broader mRNA field, the competition watchdog identified no threat to innovation competition, noting that numerous other major corporations are conducting parallel research in this area.

Transaction Details and Shareholder Impact

Initially announced in June 2025, the acquisition carries an approximate total value of $1.25 billion. Under the terms of the agreement, CureVac investors will receive about $5.46 per share in BioNTech depositary receipts. Once the transaction concludes, former CureVac shareholders are expected to hold between four and six percent of the combined entity.

Should investors sell immediately? Or is it worth buying CureVac?

The deal represents a notable strategic shift for both companies. Originally competitors in the race to develop coronavirus vaccines, their paths diverged when BioNTech achieved breakthrough success with partner Pfizer, while CureVac’s vaccine candidate failed to meet endpoints in critical clinical trials.

Strategic Benefits and Future Outlook

BioNTech’s primary motivations for the acquisition include securing CureVac’s expertise in cancer research and taking control of its state-of-the-art production facility in Tübingen. The integration is anticipated to substantially strengthen BioNTech’s oncology pipeline.

With antitrust approval now secured, few barriers remain to prevent the completion of the takeover before year-end. For CureVac investors, this development concludes a challenging period, transforming the former vaccine hopeful into a component of one of the world’s most valuable biotechnology enterprises.