CureVac Shareholders Face Critical Deadline in BioNTech Takeover

The independent existence of CureVac as a publicly traded company is drawing to a close. Following decisive shareholder approval, the acquisition by its Mainz-based competitor BioNTech is proceeding, placing investors at a pivotal crossroads. With key deadlines approaching within days, shareholders who delay action risk being caught in the complex mechanics of the takeover process.

Shareholders Deliver Overwhelming Mandate

During an extraordinary general meeting held this past Tuesday, shareholders expressed near-unanimous support for the transaction. An impressive 99.16% of votes cast were in favor of BioNTech’s public share exchange offer. This resounding endorsement signals that investors see limited prospects for the Tübingen-based company operating independently and prefer its future secured under the larger partner’s umbrella.

The terms are finalized: shareholders will receive 0.05363 BioNTech shares (ADS) for each CureVac share they hold. This effectively tethers CureVac’s valuation directly to BioNTech’s stock performance. The transaction now hinges on a single remaining condition: BioNTech must secure at least 80% of CureVac’s outstanding shares.

Time-Sensitive Action Required

Investors who haven’t yet tendered their shares are entering a critical period. Although the official offer doesn’t expire until Wednesday, December 3, prompt action is strongly advised. To ensure smooth processing by custodian banks, an operational deadline has been set for Monday, December 2, 2025 (6:00 PM ET). Missing this cutoff could prevent participation in the share exchange.

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

Quarterly Results Overshadowed by Merger

Amid the takeover proceedings, CureVac released third-quarter financials that present a mixed picture. The company reported a net profit of 273.2 million euros; however, this figure is primarily attributable to one-time effects, including a settlement payment totaling 370 million euros.

The operational performance tells a different story. Revenue contracted by approximately 89% year-over-year to 54.1 million euros, as milestone payments from previous partnerships concluded. While the company maintains a cash reserve exceeding 400 million euros, these financial metrics have become secondary for the market following the approved merger.

Should BioNTech successfully achieve the 80% threshold, a swift “squeeze-out” of remaining minority shareholders is anticipated, followed by a delisting from the Nasdaq exchange. From this point forward, the value of CureVac shareholders’ investments will be dictated by the stock performance of the Mainz-based acquirer.