Bayer AG announced on Thursday it signed an agreement with CureVac N.V. to support further development and supply operations of the company's COVID-19 vaccine candidate CVnCoV.

"The need for vaccines against COVID-19 is enormous. We are therefore pleased to be able to provide significant support to CureVac, a leader in mRNA technology, in advancing the further development and supply of its COVID-19 vaccine candidate," Bayer executive Stefan Oelrich said.

The financial terms of the agreement were not disclosed.