08:17 AM EDT, 10/22/2025 (MT Newswires) -- BioNTech (BNTX) said Wednesday it has started its public exchange offer for all outstanding shares of CureVac ( CVAC ) .

Under their June 12 agreement, each CureVac ( CVAC ) share will be exchanged for around $5.46 in BioNTech American depositary shares, implying a total equity value for CureVac ( CVAC ) of about $1.25 billion, BioNTech said.

The exchange ratio is subject to a collar mechanism, such that if the 10-day volume weighted average price, or VWAP, of a BioNTech ADS is $126.55 or higher, each CureVac ( CVAC ) share will be exchanged for 0.04318 BioNTech ADS and if the VWAP is $84.37 or lower, the ratio will be 0.06476 BioNTech ADS, the company said.

The offer expires on Dec. 3, BioNTech said.

BioNTech said the all-stock acquisition aims to enhance its research, development, manufacturing and commercialization of mRNA-based cancer immunotherapy candidates.