CureVac Acquisition Clears Final Hurdle as Shareholders Approve Deal

CureVac NL0015436031

The consolidation of Germany's mRNA sector is now virtually complete. BioNTech has successfully secured control of CureVac after its takeover offer received overwhelming support from the latter's shareholders. The transaction, which had already gained approval from CureVac's annual general meeting, moves into its final integration phase.

By the December 3, 2025, acceptance deadline, approximately 184 million CureVac shares had been tendered to BioNTech. This figure represents 81.74% of the outstanding share capital, comfortably exceeding the minimum acceptance threshold required for the deal to proceed. The broad shareholder approval provides BioNTech with de facto control of the Tübingen-based biotech firm, enabling the commencement of integrating CureVac's research pipeline and intellectual property rights.

For a significant portion of CureVac's investor base, the acquisition represents a pragmatic exit strategy following a period of underwhelming performance. The company fell behind in the competitive race to develop a COVID-19 vaccine, while its suitor, BioNTech, ascended to a position of global market leadership.

Market Reaction and Stock Performance

Trading activity following the deal's confirmation has been muted, reflecting typical post-acquisition patterns where speculative potential diminishes. On Tuesday, CureVac's Nasdaq-listed shares declined by 3.60% to $4.82. On the Xetra exchange, the equity retreated 4.65% to €4.02. A slight stabilization was observed Wednesday morning, with the price hovering around €4.11.

The stock's movement is now closely tied to the established exchange ratio and is expected to correlate with fluctuations in BioNTech's share price, as the arbitrage window closes.

Path Forward for Remaining Investors

Holding over 80% of the shares, BioNTech possesses sufficient authority to enact sweeping structural changes. Potential next steps include a squeeze-out procedure to compensate the remaining minority shareholders or a delisting from public exchanges.

Investors who have not yet tendered their shares are seeing their strategic options narrow. The current trading level near €4.10 already reflects the takeover offer, making significant price appreciation unlikely. BioNTech is anticipated to outline its plans for the full integration of CureVac in the coming weeks.