공고 • Dec 18

BioNTech SE (NasdaqGS:BNTX) completed the acquisition of CureVac N.V. (NasdaqGM:CVAC) from dievini Hopp BioTech holding GmbH & Co. KG, KfW and others.

BioNTech SE (NasdaqGS:BNTX) entered into a definitive Purchase Agreement to acquire CureVac N.V. (NasdaqGM:CVAC) from dievini Hopp BioTech holding GmbH & Co. KG, KfW and others for $1.3 billion on June 12, 2025. Under the terms of the Purchase Agreement, each CureVac share will be exchanged for approx. $5.46 in BioNTech ADSs, resulting in an implied aggregate equity value for CureVac of approximately $1.25 billion. The consideration is subject to a collar mechanism, such that if the 10-day volume weighted average price of the BioNTech ADSs ending on the fifth business day prior to the closing of the offer (“VWAP”) exceeds $126.55, the exchange ratio would be 0.04318, and if the VWAP is lower than $84.37, the exchange ratio would be 0.06476. Upon closing of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech. Following the closing of the transaction, CureVac’s operating subsidiary will become a wholly owned subsidiary of BioNTech. As part of this plan, BioNTech will integrate CureVac’s state-of-the-art research and manufacturing site in Tübingen. Following the closing of the exchange offer BioNTech and CureVac will effectuate a corporate reorganization of CureVac and its subsidiaries, resulting in BioNTech owning 100% of CureVac’s business and interests in CureVac and its subsidiaries. As part of this corporate reorganization, CureVac shareholders who do not tender their shares in the exchange offer will receive the same consideration received for each CureVac share tendered in the exchange offer (without interest and subject to applicable withholding taxes). Certain shareholders of CureVac representing 36.76% of CureVac’s shares, including dievini Hopp BioTech holding GmbH & Co. KG and certain of its affiliates and all members of CureVac’s management and supervisory boards, have entered into tender and support agreements, pursuant to which they have agreed, among other things, and subject to the terms and conditions of such agreements, to tender their shares in the exchange offer and to vote in favor of the resolutions relating to the transaction at the CureVac extraordinary general meeting to be held in connection with the transaction. In addition, the German Federal government has confirmed to generally have a positive view on the transaction. BioNTech therefore assumes that Kreditanstalt für Wiederaufbau – which holds 13.32% of the shares in CureVac on behalf of the Federal Republic of Germany – will support the transaction by tendering its shares in CureVac. As a result, BioNTech expects to have contractual commitments to support the transaction from shareholders of CureVac representing a total of 50.08% of CureVac shares towards the 80% minimum condition required under the exchange offer. Upon termination, the Purchase Agreement provides for the payment of termination compensation to BioNTech by CureVac of $43.75 million and to CureVac by BioNTech of $62.5 million upon termination. The transaction was unanimously approved by both BioNTech’s and CureVac’s management and supervisory boards and is subject to the satisfaction of customary closing conditions, including a minimum acceptance threshold of at least 80% of CureVac's shares (which threshold may be reduced to 75% unilaterally by BioNTech under certain circumstances) and required antitrust and regulatory approvals. As of October 22, 2025, BioNTech SE commenced its public exchange offer for all outstanding shares of CureVac N.V. The offer will expire on December 3, 2025. As of November 24, 2025, German Federal Cartel Office approved the deal. As of November 25, 2025, CureVac shareholders approved the deal. The transaction is expected to close in 2025. As of December 3, 2024, initial offering period expired and a total of 184,071,410 shares of CureVac, representing approximately 81.74% of CureVac's issued and outstanding shares, were validly tendered. Because the initial offer period was not extended, the subsequent offering period has commenced and will end on December 18, 2025. Jack Bodner, Paul Claydon, Matthew Gehl, Jenna Wallace, Sibel Yilmaz, James Dean, and Ryan Quillian, Van Ellis, Ansgar Simon, Adem Koyuncu, Gerald Masoudi, and Henning Bloss of Covington & Burling LLP acted as legal advisor for BioNTech SE. Lucina Berger, Georg Frowein, Johannes Ahlswede, Alexander Rang, Caspar Haarmann, Jan Bonhage, Susanne Koch, Sebastian Adam, Matthias Rothkopf and Christian Hoefs of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisor for BioNTech SE. Michel van Agt, Menno Baks, Louis Lutz and Klaas Wiersma of Loyens & Loeff N.V. acted as legal advisor for BioNTech SE. Holger Hofmeister, Stephan Hutter, Caspar Schmelzer, Lukas Greilich, Johannes Frey, Ulrich Ziegler, Susanne Werry, Thorsten Goetz, Howard Ellin, June Dipchand of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor for CureVac N.V. Paul van der Bijl, Stefan Wissing and Nina Kielman of NautaDutilh N.V. acted as legal advisor for CureVac N.V. PJT Partners Inc. acted as exclusive financial advisor for BioNTech SE. Goldman Sachs Bank Europe SE acted as exclusive financial advisor for CureVac N.V. Carsten Berrar and Peter Klormann of Sullivan & Cromwell acted as legal advisor for CureVac N.V. Latham & Watkins represented PJT Partners as financial advisor and Georgeson LLC is the information agent and Computershare Trust Company, N.A. as exchange agent to BioNTech. Gernot Wagner, Yannick Adler, Timo Lockemann, Zgjim Mikullovci and Alexander Kiefner of White & Case LLP acted as legal advisor to Joh. Berenberg, Gossler & Co. KG. in connection with BioNTech SE's (BioNTech) public exchange offer for all outstanding shares in CureVac. BioNTech SE (NasdaqGS:BNTX) completed the acquisition of CureVac N.V. (NasdaqGM:CVAC) from dievini Hopp BioTech holding GmbH & Co. KG, KfW and others on December 18, 2025. A total of 195,341,219 CureVac shares, collectively representing approximately 86.75% of CureVac’s issued and outstanding shares, were validly tendered in the Offer. BioNTech expects to complete the compulsory acquisition of the remaining CureVac shares in January 2026 as part of the previously announced post-offer reorganization. CureVac shares will no longer be available for trading following the post-offer reorganization. Following the closing of the acquisition, Ugur Sahin, M.D., Sierk Poetting, Ph.D., and Ramón Zapata-Gomez will constitute the Management Board of CureVac SE as the former members of the CureVac SE Management Board voluntarily resigned from their positions. Computershare Trust Company NA, Asset Management Arm acted as the exchange agent for the Offer.

공고 • Sep 12

Arbutus Pharma Corp. and Genevant Sciences GmbH Provides Lawsuit Update

On September 9, 2025, the U.S. District Court for the District of New Jersey issued a claim construction ruling in the lawsuit brought by Arbutus Biopharma Corporation and its licensee Genevant Sciences against Pfizer Inc. and BioNTech SE seeking damages for infringement of U.S. Patent Nos. 9,504,561, 8,492,359, 11,141,378, 11,298,320 and 11,318,098 in the manufacture and sale of Pfizer/BioNTech’s COVID-19 mRNA-based vaccines. In this Opinion, the Court construes claim terms from five patents directed to compositions and methods for preparing lipid nanoparticles containing therapeutic agents. The parties submitted the following briefs in support of their respective positions: Defendants’ Opening Brief (ECF No. 83); Plaintiffs’ Opening Brief (ECF No. 84); Defendants’ Response Brief (ECF No. 135); and Plaintiffs’ Response Brief (ECF No. 136). Plaintiffs Arbutus Pharma Corp. and Genevant Sciences GmbH brought this patent infringement suit against Defendants Pfizer Inc., and BioNTech SE. (collectively, “Defendants”) for infringement of United States Patent Nos. 9,504,651 (“the ‘651 Patent”), 8,492,359 (“the ‘359 Patent”), 11,141,378 (“the ‘378 Patent”), 11,298,320, and 11,318,098. By design, the inside of a human body is a hostile place. The bloodstreams contain a series of enzymes that digest various proteins and nucleic acids. This poses certain well-known challenges to medical science: therapeutics vulnerable to these enzymes survive only briefly in a patient’s blood stream after they are administered by injection. In succinct terms, the inventors of the patents in suit address this problem by tucking a vulnerable therapeutic inside nanoscopic particles of fat with a particular structure-referred to as “liposomes” or “lipid nanoparticles” or “lipid vesicles.” Inside these structures, the therapeutics are shielded from enzymatic digestion. Messenger ribonucleic acid (mRNA) is an example of a vulnerable therapeutic when it is administered to patients to treat a disease or disorder. It is well-known that mRNA figured prominently in the world’s response to COVID-19. Notably, it formed the basis of Defendants’ COMIRNATY® COVID-19 vaccine. The Complaint in this case accuses Defendants of infringing the patents in suit by using Plaintiffs’ liposome technology in Defendants’ vaccine without Plaintiffs’ permission. A patent infringement case typically involves two steps: construing the claims and determining whether the accused product infringes the claims. See Markman v. Westview Instruments Inc., 52 F.3d 967, 976 (Fed. Cir. 1995) (en banc), aff’d, 517 U.S. 370 (1996); Hormone Research Found. Inc. v. Genentech Inc., 904 F.2d 1558, 1562 (Fed. Cir. 1990), cert. dismissed, 499 U.S. 955 (1991). Claim construction is primarily a question of law. See Teva Pharm. U S.A. Inc. v. Sandoz Inc., 574 U.S. 318, 325-26 (2015). It begins with the claim language. Innova/Pure Water Inc. v. Safari Water Filtration Sys. Inc., 381 F.3d 1111, 1115 (Fed. Cir. 2004); Markman, 52 F.3d at 980. Claim language is generally “given [its] ordinary and customary meaning.” Vitronics Corp. v. Conceptronic Inc., 90 F.3d 1576, 1582 (Fed. Cir. 1996) (“[W]e look to the words of the claims themselves . . . to define the scope of the patented invention.”); see also Interactive Gift Express Inc. v. Compuserve Inc., 256 F.3d 1323, 1331 (Fed. Cir. 2001) (“In construing claims, the analytical focus must begin and remain centered on the language of the claims themselves, for it . is that language that the patentee chose to use to ‘particularly point [] out and distinctly claim[] the subject matter which the patentee regards as his invention.’”) (quoting 35 U.S.C. § 112). Ordinary meaning is determined by “a person of ordinary skill in the art in question at the time of the invention.”1 Phillips v. AHW Corp., 415 F.3d 1303, 1313 (Fed. Cir. 2005) (collecting cases); Brookhill-Wilk 1, LLC v. Intuitive Surgical Inc., 334 F.3d 1294, 1298 (Fed. Cir. 2003). However, if a patentee has used the claim language in some manner other than its ordinary meaning, as indicated by the balance of intrinsic evidence, such as the specification, then that meaning controls. See, e.g., Phillips, 415 F.3d at 1226; Ecolab Inc. v. Envirochem Inc., 264 F.3d 1358, 1366 (Fed. Cir. 2001); Allen Engineering Corp. v. Bartell Industries Inc., 299 F.3d 1336, 1344 (Fed. Cir. 2002) (“It is thus necessary to review [intrinsic evidence] to determine whether the patentee has assigned any special meaning to claim terms.”). Because “there is no magic formula or catechism” for determining ordinary meaning, nor a “rigid algorithm” or “specific sequence,” Phillips, 415 F.3d at 1324, a court must read claims in context. See Medrad Inc. v. MRI Devices Corp., 401 F.3d 1313, 1319 (Fed. Cir. 2005) (“We cannot look at the ordinary meaning of the term . in a vacuum.”); see also DeMarini Sports Inc. v. Worth, 239 F.3d 1314, 1324 (Fed. Cir. 2001). To this end, a court must consider “the written description and prosecution history,” Medrad, 401 F.3d at 1319, “the specification,” Phillips, 415 F.3d at 1313, which is “always highly relevant to the claim construction analysis,” Vitronics, 90 F.3d at 1582, because it “may reveal whether the patentee has used a term in a way different from its plain meaning,” Brookhill-Wilk, 334 F.3d at 1298, and “the surrounding words of the claim.” ACTV Inc. v. Walt Disney Co., 346 F.3d 1082, 1088 (Fed. Cir. 2003). In addition to “the words of the claims themselves, the remainder of the specification, [and] the prosecution history,” a court may also consider “extrinsic evidence concerning relevant scientific principles, the meaning of technical terms, and the state of the art.” Innova, 381 F.3d at 1116; see also Gemstar-TV Guide Int’! Inc. v. Int’! Trade Comm’n, 383 F.3d 1352, 1364 (Fed. Cir. 2004). Even “[o]ther claims of the patent in question, both asserted and unasserted, can be valuable sources of enlightenment as to the meaning of a claim term.” Vitronics, 90 F.3d at 1582. In short, the “entire patent” matters, Phillips, 415 F.3d at 1313; Multiform Desiccants Inc. v. Medzam, Ltd, 133 F.3d 1473, 1477 (Fed. Cir. 1998), and “[t]he construction that stays true to the claim language” while “most naturally align[ing] with the patent’s description of the invention will be, in the end, the correct construction.” Renishaw PLC v. Marposs Societa’ per Azioni, 158 F.3d 1243, 1250 (Fed. Cir. 1998).

이자보상배율	n/a
현금	€13.46b
자본	€17.76b
총부채	€2.59b
총자산	€20.34b

데이터	최종 업데이트 (UTC 시간)
기업 분석	2026/09/11 11:03
종가	2026/09/11 00:00
수익	2026/06/30
연간 수익	2025/12/31

패키지	데이터	기간	미국 소스 예시 ^*
기업 재무제표	10년	손익계산서 현금흐름표 대차대조표	SEC 양식 10-K SEC 양식 10-Q
분석가 컨센서스 추정치	+3년	재무 예측 분석가 목표주가	분석가 리서치 보고서 Blue Matrix
시장 가격	30년	주가 배당, 분할 및 기타 조치	ICE 시장 데이터 SEC 양식 S-1
지분 구조	10년	주요 주주 내부자 거래	SEC 양식 4 SEC 양식 13D
경영진	10년	리더십 팀 이사회	SEC 양식 10-K SEC 양식 DEF 14A
주요 개발	10년	회사 공시	SEC 양식 8-K

분석가	기관
Harry Gillis	Berenberg
Zhiqiang Shu	Berenberg
Samuel England	Berenberg

BioNTech 대차대조표 건전성

재무 건전성 기준 점검 5/6

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최근 재무 건전성 업데이트

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BioNTech SE (NasdaqGS:BNTX) completed the acquisition of CureVac N.V. (NasdaqGM:CVAC) from dievini Hopp BioTech holding GmbH & Co. KG, KfW and others.

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