CureVac’s Independence Concludes as BioNTech Acquisition Finalizes

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The era of CureVac operating as a standalone entity has officially ended. Following an extended period of negotiation, the Tübingen-based vaccine pioneer's independence is now history. BioNTech has secured the necessary majority stake and finalized the takeover agreement. On the stock exchange, CureVac shares are no longer trading on hopes for its own product breakthroughs but are instead driven by the mechanics of the acquisition process.

Market uncertainty has dissipated. BioNTech confirmed that by the deadline of December 3, approximately 81.74% of all outstanding CureVac shares had been tendered. This achievement clears the most critical hurdle and surpasses the minimum acceptance threshold. The Mainz-based company has assumed control and promptly initiated an additional acceptance period to gather the remaining minority holdings.

For remaining shareholders, a concrete decision is required. The extended tender offer period continues until December 18, 2025. Market observers anticipate that BioNTech will subsequently initiate a squeeze-out procedure to compel out minority shareholders and ultimately delist CureVac from the stock exchange. Selling shares on the open market or accepting the offer before the deadline allows investors to avoid the impending illiquidity and tax complexities associated with the final delisting process.

Share Price Becomes a Derivative

Investors watching for fundamental news from Tübingen are now looking in the wrong direction. The CureVac share price is almost exclusively tracking the performance of BioNTech stock. A fixed exchange ratio of 0.05363 BioNTech shares for each CureVac share has effectively coupled their values.

The current price of 4.38 euros precisely reflects this mathematical reality. The equity no longer trades based on its own business performance but as a derivative of the parent company. Trading volume is primarily determined by arbitrage activity, which capitalizes on and corrects any price discrepancies between the two linked securities.

Strategic Shift and Analyst Coverage

This move strategically concludes a volatile journey for CureVac. Once launched as a major contender in the global vaccine race, the company never achieved the same level of commercial success for its products as its competitors did. The integration now consolidates German mRNA expertise under BioNTech's financially robust umbrella.

Investors should exercise caution when reviewing current market commentary. Elevated price targets from investment banks, such as Jefferies, explicitly refer to BioNTech stock, not to CureVac as an independent security. Nevertheless, this outlook remains relevant: shareholders who exchange their holdings will benefit directly from the Mainz company's future performance. If BioNTech shares advance, the theoretical value of the exchanged package increases accordingly. An independent valuation of CureVac carries little weight, as analysts have largely discontinued their coverage or adjusted it to reflect the takeover terms.