CureVac Acquisition Enters Final Phase as Shareholders Approve BioNTech Deal

CureVac shareholders have overwhelmingly endorsed the company's acquisition by BioNTech, setting in motion the final stages of a transaction that will see the German biotech firm absorbed by its larger competitor. With 99.16% of votes cast in favor during this week's extraordinary general meeting, investors now face critical deadlines to exchange their holdings.

The shareholder approval represents just the beginning of the technical process, with narrow windows for action now open to investors:

• Submission Deadline: To ensure proper processing, CureVac shares must be submitted by December 2, 2025, at 6:00 PM ET
• Offer Expiration: The official exchange offer concludes on December 3, 2025, at 9:00 AM ET
• Exchange Ratio: Shareholders will receive 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share they hold

Market dynamics have already shifted significantly, with CureVac's valuation becoming effectively tied to BioNTech's stock price. Trading volatility has diminished substantially, leaving minimal arbitrage opportunities as markets anticipate a smooth transaction completion.

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

Quarterly Results Overshadowed by Merger Activity

Recent financial disclosures for the third quarter of 2025 reveal a paradoxical picture that underscores the strategic rationale behind the acquisition:

• Revenue: Plunged 89% year-over-year to just €54.1 million, primarily due to the absence of one-time payments recorded in the previous year
• Operating Profit: Despite the revenue contraction, CureVac posted a robust €310.2 million operating profit, driven largely by proceeds from licensing agreements and settlements, particularly those with GSK and BioNTech/Pfizer

These financial metrics highlight the company's current state: while operational business continues to weaken, substantial value remains embedded in intellectual property and liquid assets—resources BioNTech aims to leverage through the acquisition.

From Investment to Procedural Action

The previous "hold" recommendation from analysts has effectively transformed into a procedural "submit" directive. CureVac no longer represents an independent investment thesis. Shareholders must now determine whether to maintain their exposure through BioNTech shares or utilize this opportunity to exit their position entirely. With the deadlines rapidly approaching, timely action becomes paramount.