CureVac Shareholders Look to BioNTech’s Pipeline for Future Value

The investment thesis for CureVac stakeholders has fundamentally shifted from Tübingen to Mainz. With the acquisition by BioNTech nearing completion, the future value of their holding is now directly tied to the clinical success of its soon-to-be parent company. This reality was underscored by promising new data from BioNTech's oncology pipeline, which directly influences the valuation of the ongoing share exchange offer.

The formal process reached a critical milestone on December 3, 2025, when BioNTech achieved the minimum acceptance threshold for its takeover bid. The company now holds approximately 81.74% of CureVac's outstanding shares. A subsequent offering period is currently underway, presenting a final decision point for remaining shareholders. Those who choose not to tender their stock risk holding illiquid shares in a subsidiary that is expected to be delisted following the corporate reorganization.

The CureVac share price, which closed at €4.42 yesterday, now trades almost exclusively as a function of the exchange ratio and the prevailing BioNTech stock price.

Clinical Data Validates Strategic Rationale

The driving force behind this revaluation is BioNTech's recent clinical progress. On Tuesday, BioNTech and its partner Bristol Myers Squibb announced interim results from a global Phase 2 trial for their antibody candidate, pumitamig. In patients with an aggressive form of breast cancer (triple-negative breast cancer or TNBC), the therapy combined with chemotherapy demonstrated a confirmed objective response rate of 61.5%.

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

For the vast majority of CureVac investors—over 81% of whom have already agreed to the share swap—this news is pivotal. They are now positioned to participate directly in BioNTech's performance. Market observers view these results, coupled with additional positive early-stage data in lung cancer (gotistobart) reported earlier in the week, as a strong validation of the merged entity's long-term growth strategy in oncology.

Countdown to a New Chapter

This takeover concludes CureVac's attempt at an independent turnaround following its sharp revenue decline in the third quarter. Instead of banking on a standalone recovery, the technology platform from Tübingen will now be developed using BioNTech's substantial financial resources and broad oncology portfolio.

All eyes are now on December 18, 2025. At 12:01 a.m. U.S. Eastern Time, the current tender offer period will expire. BioNTech is then anticipated to swiftly advance the integration, a process that will almost certainly lead to the delisting of CureVac's stock. Bolstered by these recent clinical successes, the investment is transforming into a stake in BioNTech's expanding pipeline of cancer therapeutics.