CureVac’s Corporate Crossroads: Shareholders to Decide on BioNTech Takeover Bid

The future of German biotech firm CureVac hangs in the balance as shareholders prepare for a pivotal vote on November 25, 2025. The company faces a potential acquisition by its mRNA technology peer, BioNTech, in a deal valued at approximately €1.25 billion. This extraordinary general meeting in Amsterdam will determine whether the once-celebrated pioneer becomes a subsidiary within the BioNTech corporate structure.

BioNTech's proposal involves an exchange of stock rather than a cash transaction. The offer of around $5.46 per CureVac share will be paid in BioNTech American Depositary Shares (ADS), introducing a layer of complexity through a "collar mechanism." This provision means the final exchange ratio remains variable, directly tied to BioNTech's stock performance in the period leading up to the transaction's completion. For CureVac investors, this translates to uncertainty regarding the ultimate value they will receive.

Key Transaction Details:

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

• Total Valuation: Approximately €1.25 billion (equivalent to $1.34 billion)
• Payment Method: BioNTech ADS, not cash
• Approval Threshold: Requires 75-80% shareholder consent
• Decision Date: November 25, 2025, at an extraordinary general meeting in Amsterdam

Financial Performance Amid Acquisition Talks

Against this backdrop of corporate negotiation, CureVac has released its current financial metrics. The company's performance through the first half of 2025 reveals a challenging operational environment, with revenues declining to just €2.1 million. Management has made progress in reducing operational losses, providing a silver lining in otherwise difficult circumstances.

The company maintains a substantial financial cushion, reporting liquidity of €392.7 million as of June 30. This position raises fundamental questions about whether CureVac possesses sufficient resources to continue operating independently should shareholders reject the acquisition proposal.

A significant development earlier in the year saw CureVac resolve its patent litigation with Pfizer and BioNTech. This settlement, while strategically beneficial at the time, now appears to have inadvertently facilitated takeover discussions with its former legal adversary. The resolution of intellectual property conflicts has effectively removed a potential barrier to the merger, creating a clearer path for the companies to combine operations.