CureVac’s Pivotal Moment: Shareholders to Decide on BioNTech Takeover Bid

The future of CureVac hangs in the balance as a critical shareholder vote approaches. The German biotech firm faces a potential acquisition by its rival, BioNTech, with a final decision scheduled for an extraordinary general meeting on November 25, 2025. This corporate power struggle has injected significant volatility into CureVac's stock, highlighting the profound implications for the company's strategic direction. The central question for investors is whether the proposed merger represents a necessary rescue or the end of an independent CureVac.

The takeover proposition arrives at a precarious juncture for CureVac, as revealed by its interim financial report for 2025. The figures paint a challenging picture of the company's standalone prospects:

• Revenue plummeted to a mere 2.1 million euros.
• While the operating loss showed some improvement, the top-line performance was weak.
• The company reported a liquidity position of 392.7 million euros as of June 30.

Although the cash reserves provide a temporary buffer, the dramatic revenue decline underscores the operational headwinds facing the company. This vulnerability may be a key factor influencing shareholder sentiment, potentially making the BioNTech offer appear more attractive.

The Mechanics of the BioNTech Proposal

BioNTech has tabled an offer valued at approximately 1.25 billion euros. However, the structure of the deal introduces a layer of complexity and risk. The acquisition is not a cash transaction; instead, CureVac shareholders would receive compensation in the form of BioNTech American Depositary Shares (ADS). The final value is not fixed, as a "collar mechanism" is in place, allowing the exchange ratio to adjust based on fluctuations in BioNTech's share price. This inherent volatility is a primary source of investor anxiety.

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

For the acquisition to proceed, BioNTech must secure approval from a significant majority—between 75% and 80%—of CureVac's shareholders. The upcoming meeting in Amsterdam is therefore set to be a definitive event, determining whether CureVac will retain its autonomy or become part of a larger entity.

Market Sentiment and Stock Performance

The prevailing uncertainty has taken a clear toll on CureVac's market valuation. The stock has been entrenched in a pronounced downtrend, recently recording losses for ten consecutive trading sessions. While some short-term technical indicators have flashed tentative buy signals, the overarching long-term chart pattern remains bearish, reinforcing a negative technical outlook.

All eyes are now on the November vote. The decision will ultimately reveal whether the BioNTech proposal can reverse the company's fortunes or if CureVac will continue to navigate its challenges independently.