BioNTech commences public exchange offer for CureVac shares

BioNTech (BNTX) announced it had commenced its public exchange offer for all outstanding shares of CureVac (CVAC). The Offer is being made pursuant to the previously announced purchase agreement between BioNTech and CureVac, dated as of June 12. Upon closing, the transaction will bring together two pioneers in mRNA science with complementary capabilities and technologies to advance the development of innovative and transformative investigational mRNA-based cancer immunotherapies for patients in need. Under the terms of the Purchase Agreement, each CureVac share will be exchanged for approximately $5.46 in BioNTech American Depositary Shares, resulting in an implied aggregate equity value for CureVac of approximately $1.25B. The consideration is subject to a collar mechanism, such that if the 10-day volume weighted average price of a BioNTech ADS ending on, and including, the fifth business day prior to the closing of the Offer is greater than or equal to $126.55, each CureVac share will be exchanged for 0.04318 of a BioNTech ADS, and if the VWAP is less than or equal to $84.37, the Exchange Ratio will be 0.06476 of a BioNTech ADS.