BioNTech to Buy CureVac for $1.25 Billion for Cancer Boost (2)

BioNTech SE agreed to buy former Covid vaccine rival CureVac NV for about $1.25 billion in an all-stock transaction that will boost its growing oncology business.

CureVac investors will get approximately $5.46 in BioNTech shares for each CureVac one, the companies said Thursday. The price represents a 34% premium to CureVac’s closing share price on Wednesday. CureVac shareholders will own between 4% and 6% of BioNTech once the deal closes.

The deal caps decades of rivalry between the two companies that came to a head during the race to develop a Covid vaccine. BioNTech won the race with its ...