CureVac Shareholders Face Final Decision on BioNTech Takeover

The acquisition of CureVac by BioNTech is now a virtual certainty, placing investors at a critical final juncture. With the crucial acceptance threshold having been met, the fundamental investment thesis for CureVac shares has shifted entirely. The stock's trajectory is no longer dictated by clinical trial results or corporate updates but is instead governed by the precise arithmetic of the merger agreement. This presents a distinct set of considerations for shareholders who have yet to tender their holdings.

BioNTech has successfully secured approximately 81.74% of CureVac's outstanding shares, decisively surpassing the minimum 80% acceptance threshold required. This achievement economically secures the transaction, removing the central uncertainty that had characterized the stock for weeks.

This milestone represents a pivotal turn in how the equity is valued. Market pricing has detached from CureVac's pipeline prospects, clinical data, or strategic announcements. The primary determinant is now the fixed exchange ratio of 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share.

Consequently, CureVac's quoted price is intrinsically linked to BioNTech's market valuation. The recent softness in the share price—closing at 4.27 euros on Friday, modestly below its 50-day moving average—therefore primarily mirrors movements in BioNTech's stock, rather than a revised assessment of CureVac's standalone prospects.

The Final Tender Window Closes Soon

While the initial acceptance period has concluded, a subsequent offering phase is currently underway. This final tender window provides the last opportunity to exchange CureVac shares for BioNTech ADS under the standardized terms and will close on Thursday, December 18, 2025.

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

Key transaction details include:
- Acquirer: BioNTech
- Secured Stake: Approximately 81.74% of CureVac shares
- Exchange Ratio: 0.05363 BioNTech ADS per CureVac share
- Final Deadline: December 18, 2025
- Planned Post-Completion Action: Delisting of CureVac

BioNTech has indicated its intention to delist CureVac following the takeover's completion. Liquidity in the stock is expected to diminish significantly after the deadline passes. For remaining minority shareholders, this elevates the risk of being trapped in an illiquid position or potentially being drawn into a protracted squeeze-out procedure at a later date.

Share Price Dynamics Align with Deal Terms

Friday's closing price of 4.27 euros for CureVac aligns closely with the calculated value of the takeover offer, underscoring the stock's newly forged correlation with BioNTech's performance. The market has largely priced in the transaction's successful completion, with the former gap between the market price and the implied offer value—known as the merger arbitrage spread—having narrowed considerably.

This realignment has fundamentally altered the investment's risk-reward profile. The typical biotech volatility, fueled by research updates and news flow, has been supplanted by a more straightforward valuation logic. The crucial factors are now:
- The future performance of BioNTech's share price
- Whether shareholders choose to accept the exchange offer by the deadline or consciously remain outside the combined entity

In the current environment, CureVac shares function less as an independent biotech equity and more as a derivative instrument tracking the BioNTech stake. For investors, December 18, 2025, marks a definitive cutoff point, determining whether they transition into the combined corporate structure or maintain a progressively less liquid residual holding.