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- CureVac
CureVac Acquisition, Valuation, Funding & Investors
CureVac was acquired by BioNTech for $1.3B in June 2025, a 2.2x multiple on $578M of revenue.
CureVac revenue at acquisition
$578M
Last twelve months · Jun 2025
CureVac revenue multiple at acquisition
2.2x
EV/Revenue · Jun 2025
Cumulative funding CureVac raised
$843M
across 6 funding rounds
About CureVac
CureVac is a Tübingen, Germany-headquartered biotechnology pioneer in mRNA therapeutics and vaccines. Its pipeline features oncology immunotherapies like autogene cevumeran in partnership with BioNTech and GSK, alongside infectious disease vaccines including a COVID-19 candidate tested in phase 3 trials.
Founded
2000
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Revenue
$65M (Jul 2020)
Valuation
$1.7B (Jul 2020)
Sectors
CureVac Acquisition
CureVac was acquired by BioNTech for $1.3B on 12 June 2025.
The acquisition price implies a 2.2x revenue multiple on $578M of revenue.
Before the acquisition CureVac had raised $843M across 6 funding rounds.
CureVac N.V., a clinical-stage biotech company developing mRNA-based transformative medicines in oncology and infectious diseases, was acquired by BioNTech SE, a Mainz-based global next-generation immunotherapy company focused on mRNA innovation. BioNTech announced the all-stock transaction on June 12, 2025, entering a definitive purchase agreement to acquire all CureVac shares at approximately $5.46 per share in BioNTech U.S.-listed shares, implying an aggregate equity value of $1.25 billion. The deal was supported by CureVac’s major shareholder dievini Hopp BioTech holding GmbH & Co. KG and its affiliates, with the exchange offer expiring December 3, 2025. The acquisition strengthens BioNTech’s research, development, manufacturing, and commercialization of investigational mRNA-based cancer immunotherapies, advancing its oncology strategy centered on pan-tumor mRNA programs and BNT327, a PD-L1xVEGF-A bispecific antibody. It combines complementary mRNA technologies and expertise, integrating CureVac’s state-of-the-art manufacturing capabilities, and resolves ongoing patent litigation over mRNA intellectual property that risked billions in royalties for BioNTech. Post-closing, CureVac’s operating subsidiary became a wholly owned BioNTech subsidiary, with shareholders owning 4-6% of BioNTech. BioNTech completed the exchange offer on December 18, 2025, finalizing the acquisition and making CureVac part of the BioNTech Group. A corporate reorganization followed, culminating in the legal merger on January 6, 2026.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 12 Jun 2025 | Strategic M&A | $1.3B | 2.2x |
CureVac Valuation
CureVac is currently valued at $1.7B, based on its undisclosed-stage round in July 2020.
The $126M round was led by Qatar Investment Authority.
CureVac's valuation has grown 1.4x from $1.2B at its Series E in March 2015 to $1.7B in July 2020, across 6 priced rounds.
CureVac valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2020 | Undisclosed stage | $1.7B | 26.3x |
| Jul 2020 | Strategic investment | $1.7B | - |
| Jun 2020 | Undisclosed stage | $1.5B | - |
| Nov 2016 | Series F | $1.6B | - |
| Nov 2015 | Series F | $1.6B | - |
| Mar 2015 | Series E | $1.2B | - |
CureVac Revenue
CureVac's latest recorded revenue is $65M, as of its undisclosed-stage round in July 2020. At a $1.7B valuation, that implies a 26.3x revenue multiple.
CureVac revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2020 | $65M | $1.7B | 26.3x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
CureVac Funding History
CureVac has raised a total of $843M across 6 funding rounds.
CureVac's first fundraising round was a $76M Series E in March 2015. The most recent completed round was a $126M undisclosed-stage round in July 2020.
CureVac funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2020 | Undisclosed stage | Qatar Investment Authority (lead) | $126M | $1.7B | CureVac AG, a clinical-stage biopharmaceutical company based in Tübingen, Germany, develops transformative medicines using its proprietary optimized mRNA platform, including vaccines and therapies for cancer, infectious diseases like COVID-19, rare diseases, and antibody production. The platform uses mRNA as a data carrier to instruct the body to produce proteins fighting various diseases. On July 21, 2020, CureVac closed a $640 million private financing round, including $343 million from the German federal government via KfW for a 23% stake, $171 million from GSK for a 10% stake, and an additional $126 million from Qatar Investment Authority (QIA) and other new and existing investors. This mega-round, larger than all prior financings combined, supported CureVac's mRNA COVID-19 vaccine CVnCoV development, manufacturing expansion, and broader R&D efforts, supplemented by $85 million debt from the European Investment Bank. The July 2020 Series G-II round valued CureVac at $1,710 million post-money, with QIA participation confirming the match to the specified investors and date. CureVac had raised over $1.281 billion across 15 rounds from 17 investors by then, positioning it strongly in the COVID-19 vaccine race despite CVnCoV being in early phase 1 trials. CureVac's 2020 annual report shows an operating loss of €109,815 thousand and net loss of €129,122 thousand, reflecting heavy R&D investment with €1,322,593 thousand in cash post-funding. CureVac's backers included high-profile names like Dietmar Hopp, Bill & Melinda Gates Foundation, Genmab, and CRISPR Therapeutics prior to this round, aiding progression from mRNA prostate cancer vaccines to COVID-19 focus amid a competitive landscape with Moderna. |
| Jul 2020 | Strategic investment | GSK (lead) | $170M | $1.7B | CureVac AG, a clinical-stage biopharmaceutical company headquartered in Tübingen, Germany, with sites in Frankfurt and Boston, develops transformative medicines based on optimized mRNA technology, including vaccines and therapeutics via its RNAoptimizer platform. The company has collaborations with partners like Boehringer Ingelheim, GlaxoSmithKline, Genmab, CRISPR Therapeutics, the Bill & Melinda Gates Foundation, and CEPI. In July 2020, CureVac closed a private financing round totaling USD 640 million (560 million Euros), including previously announced investments from the German government via KfW (USD 343 million), GSK (USD 171 million), and additional USD 126 million from Qatar Investment Authority (QIA) and other existing and new investors. GSK's participation stemmed from a July 2020 collaboration and license agreement focused on combining mRNA expertise to develop up to five vaccine candidates and monoclonal antibodies for infectious diseases, excluding CureVac's experimental COVID-19 vaccine CVnCoV. GSK paid more than $130 million in cash, took a nearly 10% equity stake worth $171 million, and reserved manufacturing space for about $30 million, with potential development and commercial milestones up to $770 million. The deal highlighted CureVac's mRNA platform potential amid the COVID-19 pandemic, though GSK supplied adjuvants to other firms rather than committing to its own COVID vaccine. This funding provided CureVac runway for advancing its pipeline, with prior backers including dievini Hopp BioTech holding, the Bill & Melinda Gates Foundation, and KfW. The GSK equity aligned with the round's valuation, supporting mRNA development in vaccines and therapeutics. Later developments included GSK restructuring the deal in 2024 for €400 million upfront (~$430-434M) focused on influenza and COVID-19 mRNA programs, up to additional milestones and royalties, superseding prior terms and extending runway into 2028. In 2025, BioNTech agreed to acquire CureVac for $1.25 billion. |
| Jun 2020 | Undisclosed stage | KfW (lead) | $337M | $1.5B | CureVac AG is a clinical-stage biopharmaceutical company based in Tübingen, Germany, developing mRNA-based vaccines and therapeutics, including a COVID-19 vaccine candidate, cancer treatments, and vaccines for viral infections like rabies. In June 2020, the German Federal Government committed approximately EUR 300 million (USD 343 million) to CureVac through KfW as part of a broader private financing effort amid the pandemic. The KfW tranche formed part of a larger USD 640 million private financing round closed in July 2020, which included the previously announced German government (KfW) USD 343 million and GSK USD 171 million investments totaling USD 514 million, plus additional USD 126 million from Qatar Investment Authority (QIA) and other investors. GSK's equity investment of €150 million represented close to a 10% stake, accompanied by upfront and reimbursable payments, but this was a separate collaboration deal. The company had cash equivalents of €1.32 billion by December 31, 2020, bolstered by these financings and an Advance Purchase Agreement. CureVac advanced its COVID-19 vaccine CVnCoV into Phase 1 (positive interim results November 2020) and pivotal Phase 2b/3 trials by December 2020, with sites in Frankfurt and Boston. |
| Nov 2016 | Series F | Baden-Württembergische Versorgungsanstalt für Ärzte (lead); LBBW Asset Management | $30M | $1.6B | CureVac is a clinical-stage biopharmaceutical company focused on mRNA-based technology for cancer immunotherapies, prophylactic vaccines, and molecular therapies. By 2015, it had raised approximately $330 million in equity investments and collaborated with partners like Boehringer Ingelheim, Sanofi Pasteur, Johnson & Johnson, and the Bill & Melinda Gates Foundation. CureVac transitioned to a joint stock company (AG) around 2015. In November 2015, CureVac raised $110 million in a private placement to expand its mRNA platform and pipeline, planning construction of an industrial-scale production facility in 2016 with capacity for 30 million doses per year. CureVac continued raising funds, reaching €1.94 billion in gross equity proceeds since 2000 by later years. Capital expenditures focused on R&D equipment and GMP production scaling. Financial reports from later years show revenue primarily from licensing, collaborations, and R&D services. For 2021-2024, annual revenues were €103.0 million, €67.4 million, €53.8 million, and €535.2 million respectively, all derived from collaborations, mostly in Europe. The company reported accumulated deficits and ongoing losses as of 2023, with cash reserves of €402 million at year-end. |
| Nov 2015 | Series F | Baillie Gifford (lead); Bill & Melinda Gates Foundation; dievini Hopp Biotech Holding; Chartwave; Coppel Family; Sigma Group; Northview LifeSciences | $104M | $1.6B | - |
| Mar 2015 | Series E | Bill & Melinda Gates Foundation (lead) | $76M | $1.2B | CureVac is a German biopharmaceutical company developing messenger RNA (mRNA)-based vaccine and therapeutic technologies. The company uses natural and chemically unmodified mRNA as a data carrier to instruct the human body to produce its own proteins capable of fighting infectious diseases. Its mRNA vaccines are thermostable, eliminating the need for cold-chain storage and infrastructure. The Bill & Melinda Gates Foundation invested $52 million in CureVac in early 2015, marking the foundation's largest equity investment at that time. The investment, accompanied by a separate $24 million commitment from longstanding investor dievini Hopp BioTech (controlled by Dietmar Hopp, founder of SAP), was designed to support development of the mRNA platform and construction of a GMP-certified production facility. Beyond the equity stake, the Gates Foundation provided additional funding for multiple projects to develop prophylactic vaccines based on CureVac's platform against diseases including rotavirus and HIV, with a focus on addressing health needs in developing countries. At the time of this round, CureVac was a clinical-stage company advancing a prostate cancer vaccine program and had assembled a pipeline spanning viral, bacterial, and parasitic infectious diseases. By 2016, the company would go on to raise a $110 million Series C round led by Baillie Gifford, at which point it had accumulated approximately $330 million in total funding. |
Who has invested in CureVac?
12 investors have backed CureVac across its funding rounds, including Bill & Melinda Gates Foundation, Baillie Gifford, Qatar Investment Authority, KfW, GSK and dievini Hopp Biotech Holding.
Lead investors include Qatar Investment Authority, GSK, KfW, Baden-Württembergische Versorgungsanstalt für Ärzte, Baillie Gifford and 1 other investor.
CureVac Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2015 | ||
| 1 | Lead | Nov 2015 | ||
| 1 | Lead | Jul 2020 | ||
| 1 | Participant | Nov 2016 | ||
| 1 | Lead | Nov 2016 | ||
| 1 | Lead | Jul 2020 | ||
| 1 | Participant | Nov 2015 | ||
| -- | 1 | Participant | Nov 2015 | |
| 1 | Participant | Nov 2015 | ||
| 1 | Participant | Nov 2015 | ||
This data is available for Pro users. Sign up to see all 12 CureVac investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by CureVac
CureVac has acquired 1 company to date.
Last acquisition by CureVac was on June 8th 2022. CureVac acquired Frame Cancer Therapeutics for $35M.
Latest Acquisitions by CureVac
| Description | Frame Cancer Therapeutics is a Swedish biotech firm developing personalized DNA-based cancer vaccines targeting patient-specific neoantigens. The vaccines train T-cells against tumor mutations, administered alongside checkpoint inhibitors. Backed by Karolinska Institutet, the company advances Phase I trials for melanoma and head-neck cancers at clinics in Stockholm. |
| HQ Country | |
| HQ City | Amsterdam |
| Deal Date | 8 Jun 2022 |
| Valuation | $35M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all CureVac acquisitions and their M&A valuation multiples. Start Free Trial | |
CureVac Competitors
CureVac competitors include listed companies like Chengdu Easton, MeiraGTx, Harrow and Celltrion Pharm, and private ones like Belief BioMed and Kallyope.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.3B | - | ||
| Publicly listed | $199M | $57M | $1.3B | 5.0x | ||
| Publicly listed | $81M | ($91M) | $1.3B | 4.6x | ||
| Publicly listed | $272M | $42M | $1.2B | 4.4x | ||
| Publicly listed | $390M | $55M | $1.3B | - | ||
| Private | - | - | $1.3B | - |
CureVac Public Comps
CureVac is no longer listed, but its public comps include Chengdu Easton, MeiraGTx, Harrow, Celltrion Pharm, Liaoning Chengda Biotech, GNI Group, Sawai Group Holdings, Aktis Oncology, Chongqing Genrix and Akums Drugs and Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $199M | $57M | 5.2x | 5.0x | 18.2x | 17.4x | |||
| $81M | ($91M) | 15.0x | 4.6x | (13.4x) | - | |||
| $272M | $42M | 5.4x | 4.4x | 34.3x | 20.2x | |||
| $390M | $55M | 3.3x | - | 23.3x | - | |||
| $207M | $47M | 2.3x | 2.3x | 10.2x | 10.2x | |||
| $173M | ($15M) | 7.6x | 5.6x | (87.9x) | 644.2x | |||
| $1.3B | $205M | 1.4x | 1.4x | 8.9x | 7.5x | |||
| $6M | ($72M) | 117.6x | 61.0x | (10.6x) | - | |||
This data is available for Pro users. Sign up to see all CureVac competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CureVac
| When was CureVac founded? | CureVac was founded in 2000. |
| Where is CureVac headquartered? | CureVac is headquartered in Tübingen, Germany. |
| Is CureVac publicly listed? | No, CureVac was acquired by BioNTech in June 2025. |
| Who acquired CureVac? | CureVac was acquired by BioNTech in June 2025. |
| How much was CureVac acquired for? | CureVac was acquired for $1.3B in June 2025, a 2.2x revenue multiple. |
| What is CureVac's valuation? | CureVac was last valued at $1.7B in its undisclosed-stage round in July 2020. |
| How much funding has CureVac raised? | CureVac has raised $843M across 6 funding rounds. |
| What was CureVac's last funding round? | CureVac's last funding round was a $126M undisclosed-stage round in July 2020, led by Qatar Investment Authority. |
| Who are CureVac's investors? | CureVac's investors include Bill & Melinda Gates Foundation, Baillie Gifford, GSK, LBBW Asset Management, Baden-Württembergische Versorgungsanstalt für Ärzte, Qatar Investment Authority, dievini Hopp Biotech Holding, Chartwave, Coppel Family, Sigma Group and 2 others. |
| What is CureVac's revenue? | CureVac's latest recorded revenue is $65M (July 2020). |
| What is CureVac's revenue multiple? | CureVac's latest valuation implies a 26.3x revenue multiple ($1.7B valuation on $65M of revenue). |
| Which companies are comparable to CureVac? | Companies comparable to CureVac include Belief BioMed, Chengdu Easton, MeiraGTx, Harrow, Celltrion Pharm and Kallyope. |
| How many companies has CureVac acquired? | CureVac has acquired 1 company, including Frame Cancer Therapeutics. |
| What was the largest acquisition by CureVac? | The $35M acquisition of Frame Cancer Therapeutics in June 2022 is the largest acquisition CureVac has made to date. |
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