CureVac Shareholders Face Pivotal Merger Vote

Investors are holding their breath as CureVac approaches a defining moment in its corporate history. The Tübingen-based biotech firm faces a critical shareholder vote that could fundamentally reshape its future trajectory. With rival BioNTech positioned to absorb the company, the upcoming extraordinary general meeting on Tuesday, November 25, 2025, represents nothing short of a corporate transformation.

At the heart of the decision lies BioNTech's proposed all-stock acquisition. The Mainz-based competitor has put forward a public exchange offer that would see CureVac shareholders receive BioNTech shares in place of their current holdings. No cash component is involved in the transaction.

This arrangement means current CureVac investors would ultimately find BioNTech shares in their portfolios. The exchange ratio has been structured to account for market fluctuations, providing some protection against volatility for CureVac stakeholders. Approval would effectively conclude CureVac's journey as an independent entity, integrating its operations into the larger, financially robust BioNTech framework.

Market Anticipation Builds

Trading activity reflects the market's cautious stance as the decisive vote approaches. CureVac's share price has largely decoupled from operational developments, instead moving in response to perceived probabilities of the deal's success. The stock closed at 4.50 euros on Thursday, maintaining a holding pattern as investors await the meeting's outcome.

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

From a strategic perspective, the combination presents compelling logic. BioNTech stands to gain valuable mRNA technology assets and promising oncology candidates, including the glioblastoma program. For CureVac, alignment with a global industry player would provide access to substantially greater resources and development capabilities.

Critical Timeline for Investors

The shareholder meeting represents the essential first step in the process. Assuming approval is secured on Tuesday, the formal acceptance period for the exchange offer will remain open until December 3.

While market pricing currently suggests high confidence in the deal's completion, residual risk remains. Should the required majority not materialize, CureVac would continue operating independently. Such an outcome would likely trigger immediate reassessment of the company's valuation, with shares trading once more on fundamental metrics and cash runway considerations rather than acquisition prospects.