CureVac Acquisition Finalized as BioNTech Secures Controlling Stake

The fate of CureVac’s independent stock market journey has been sealed. BioNTech has successfully cleared the final hurdle for its takeover, having received tenders for a decisive majority of CureVac’s outstanding shares. This move effectively concludes CureVac’s standalone trading narrative, transitioning to a technical settlement process with significant implications for remaining shareholders.

The Deal is Done

BioNTech has formally announced that the central condition of its offer has been met. By the close of the initial acceptance period, approximately 81.74% of all CureVac shares had been tendered. This outcome makes the acquisition a fait accompli, setting in motion an irreversible integration into the BioNTech corporate structure.

Consequently, the CureVac share price is no longer influenced by fundamental news from its operational business. Its valuation is now tethered to two primary factors: the predetermined exchange ratio into BioNTech stock and the remaining timeline until the transaction’s completion. The stock’s recent trading position, roughly 10% below its 52-week high, underscores this shift from a speculative biotech play to a straightforward settlement scenario.

Final Window for Shareholder Action

A subsequent offering period is currently underway, providing a last chance for remaining equity holders to tender their shares under the original terms.

Key details of this final phase include:
* Deadline: Thursday, December 18, 2025, at 12:01 p.m. Eastern Time.
* Required Action: Shareholders must submit their shares in a timely manner to be included in the offer.
* Exchange Ratio: Investors will receive 0.05363 BioNTech ADS (American Depositary Shares) for each CureVac share.

Market activity already demonstrates that CureVac’s listing is closely aligned with the calculated value of this BioNTech offer. Any price deviations are largely viewed by participants as arbitrage opportunities rather than a reflection of CureVac’s independent business valuation.

Should investors sell immediately? Or is it worth buying CureVac?

Considerations for Remaining Minority Holders

Shareholders who choose not to tender their holdings face a markedly different path. BioNTech has explicitly stated its intention to execute a “Post-Offer Reorganization” immediately following the conclusion of the subsequent offering period.

This process entails several critical developments:
* Delisting: The primary aim is to withdraw CureVac shares from the Nasdaq exchange. This action would severely restrict tradability and substantially diminish liquidity.
* Potential Tax Implications: In later reorganization steps, non-tendered shares may be subject to a 15% Dutch withholding tax on dividends as part of the compensation process. This burden could potentially impact shareholders who did not participate in the initial offer phase more heavily than those who did.
* Compulsory Conversion: Remaining shares are expected to be converted into BioNTech ADS (or corresponding cash fractions) through statutory mechanisms. These procedures offer significantly less flexibility than the current voluntary takeover bid.

The landscape is now clear: a majority of shareholders have already opted for the standard offer route, narrowing the options for those who delay their decision.

Market Dynamics and Forward Path

Financial markets have long since priced in the successful acquisition. CureVac’s trading volume and price movements now predominantly follow the “mathematical” logic of the exchange ratio, rather than any anticipation of an independent corporate turnaround.

For both institutional and private investors, the situation is now largely administrative in nature:
* The takeover is assured,
* The deadline of December 18 is firmly established,
* Delisting and reorganization steps with possible tax disadvantages are likely to follow thereafter.

The current phase, therefore, centers on practical settlement. Those wishing to utilize the standardized exchange offer must act before the subsequent offering period expires. Following this deadline, CureVac’s transition into the BioNTech conglomerate will proceed through considerably less flexible, legally prescribed structures.