CureVac’s Final Chapter: BioNTech Secures Control as Integration Looms

The independent journey of Tübingen-based biotech pioneer CureVac is drawing to a definitive close. Rival firm BioNTech has successfully secured a qualified majority stake in the company following the initial acceptance period of its takeover offer. As preparations for integration begin, remaining retail investors face a critical and time-sensitive decision to avoid being trapped in an illiquid investment.

Time is running out for shareholders who have yet to tender their holdings. The statutory Additional Acceptance Period is currently active and is set to conclude imminently. Missing this final deadline carries significant consequences, as investors risk being left with minority "stub shares" in a controlled company. The potential outcomes are stark:

• Delisting: A removal from the stock exchange would severely diminish the tradability of any remaining shares.
• Squeeze-out: BioNTech could initiate proceedings to compulsorily acquire the shares of minority holders, typically at a set valuation that may not reflect future premiums.
• Dominance Agreement: The strategic direction of CureVac would be wholly subordinated to its new parent company.

Investors are strongly advised to immediately review communications from their custodial banks to ensure they do not miss the deadline for tendering their shares during this final phase.

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

Market Dynamics Shift Post-Offer

The ownership landscape is now clear. BioNTech controls approximately 81.74% of CureVac's share capital, cementing its qualified majority. This shift has fundamentally altered the nature of CureVac's equity. The stock price is no longer primarily driven by speculation on its own drug pipeline or clinical trial results. Instead, it functions largely as an arbitrage instrument within the context of the ongoing acquisition, with institutional investors having already accepted the exchange offer in large numbers.

Stock Performance Mirrors Transaction Mechanics

The current market valuation reflects this endgame scenario. Shares are trading at €4.09, closely tracking the terms of the takeover bid and the price movements of BioNTech stock. The formerly high volatility has given way to event-driven trading, dominated by arbitrage funds and index trackers. Market focus has decisively shifted from clinical data to the technical execution of the transaction.

With the integration of CureVac's mRNA technology platform into BioNTech's portfolio, the company's independent history on the public markets is concluding. The era defined by its standalone ambitions has been superseded by its role within a larger entity's strategic framework.