Shares of CureVac N.V. CVAC have skyrocketed 40.8% in a month after the company signed a definitive agreement to be acquired by BioNTech SE BNTX in an all-stock transaction last week. Per the agreement, each CVAC share will be exchanged for approximately $5.46 worth of BNTX American Depositary Shares (ADS), implying a total equity value of around $1.25 billion for CureVac.The consideration per ADS represents a premium of 55% to CVAC's three-month volume-weighted average price of approximately $3.53 as of June 11, 2025. Subject to the closing of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech.