CureVac Investors Face Pivotal Acquisition Decision

CureVac stands at a critical juncture in its corporate history. As the German biotech firm releases its quarterly earnings today, the focus has shifted decisively from operational performance to the company's strategic direction. The central question facing shareholders is whether to approve BioNTech's acquisition bid in the upcoming vote or maintain CureVac's independent path forward.

On November 25, 2025, CureVac investors will determine the company's fate through a vote on BioNTech's $1.25 billion takeover proposal. The current arrangement offers approximately $5.46 per CureVac share in BioNTech stock, featuring an innovative protection mechanism against market volatility.

The transaction incorporates a collar mechanism designed to safeguard both parties from significant price fluctuations. Should BioNTech shares climb above $126.55, CureVac stockholders would receive fewer shares. Conversely, if the price drops below $84.37, the exchange ratio would adjust upward accordingly. This sophisticated structure aims to maintain equitable terms throughout market movements.

Financial Performance and Market Expectations

Today's quarterly report is unlikely to sway the acquisition debate significantly. Market analysts anticipate disappointing figures, projecting a loss of $0.17 per share with revenues around $21.4 million. These expectations represent a stark contrast to the previous year's performance, when CureVac reported earnings of $1.65 per share.

The company's second-quarter results already demonstrated this challenging trend, revealing an unexpectedly high loss of $0.30 per share. During that period, revenues reached a modest $1.41 million, substantially below market projections.

Strategic Rationale Behind the Merger

BioNTech's acquisition strategy centers on significantly expanding its cancer immunotherapy capabilities. CureVac contributes several valuable clinical assets to the potential combined entity:

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

• CVGBM for glioblastoma treatment demonstrated antigen-specific T-cell responses in 77% of patients during Phase 1 trials
• Development programs targeting non-small cell lung cancer
• Seasonal influenza vaccine candidates advancing through Phase 3 studies

The merger would transform CureVac shareholders into 4-6% stakeholders of the enlarged company, providing access to BioNTech's established commercial infrastructure and distribution networks.

Financial Stability Amid Operational Challenges

Despite ongoing operational difficulties, CureVac maintains a solid financial foundation. A €400 million payment from GSK as part of a restructured collaboration agreement ensures sufficient cash reserves to fund operations through 2028.

Regulatory approvals for the transaction have already been secured, with German authorities granting clearance in October. The decision now rests entirely with CureVac's shareholder base.

Potential Final Independent Reporting

Today's earnings release could represent CureVac's last independent quarterly financial statement. For investors, the relevant consideration has shifted from short-term operational improvements to evaluating the company's strategic value within BioNTech's expanding mRNA portfolio.

The November 25th vote will ultimately reveal whether shareholders prefer integration into BioNTech's established framework or choose to continue supporting CureVac's autonomous development path in the competitive biotechnology landscape.