By Ludwig Burger
(Reuters) -German biotech firm BioNTech said on Thursday it agreed to acquire domestic peer CureVac for about $1.25 billion worth of BioNTech shares to boost its work on new mRNA-based cancer treatments.
The agreed deal, which pairs up two former rivals in the race to develop COVID-19 vaccines, each CureVac share will be exchanged for about $5.46 in BioNTech American depositary shares, BioNTech said.
“With the acquisition, BioNTech aims to strengthen the research, development, manufacturing, and commercialization of investigational mRNA-based cancer immunotherapy,” it added.
The payment in shares is subject to a collar mechanism, the company said.
(Reporting by Ludwig Burger, Editing by Friederike Heine)
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