CureVac’s Acquisition by BioNTech: A Definitive Chapter in German Biopharma
The acquisition of CureVac NV by BioNTech SE has entered its final, legally binding phase following a series of decisive actions by shareholders and regulators. The deal, which began as a negotiated exchange offer in early December, reached a critical threshold with more than 80 percent of CureVac’s shares accepted by the end of the month. As a result, the Frankfurt‑listed company will cease to exist as an independent entity and will be fully integrated into the New‑York‑based biotech conglomerate.
1. Momentum of Acceptance
On 6 December 2025, multiple market observers reported that the acceptance rate for the exchange proposal had crossed the 80 percent mark. This figure, which was confirmed by a corporate communications bulletin, surpassed the minimum threshold required to trigger the automatic completion of the transaction. By 9 December, the acceptance ratio had risen further to 81 percent, indicating that the vast majority of CureVac shareholders had opted for the proposed exchange of their shares for BioNTech equity.
2. Deadline and Final Exchange
The exchange offer included a mandatory “post‑closing” period that allowed holders to redeem their shares for cash if they did not wish to accept the proposed swap. The last day for this option was set for 18 December 2025. Until that date, any CureVac shareholders who preferred a cash settlement could submit their claims through the established redemption mechanism. After the deadline, the remaining shares would be automatically converted into BioNTech stock, thereby completing the acquisition.
3. Financial Snapshot of CureVac
As of the close on 4 December 2025, CureVac’s share price stood at 4.382 EUR, a decline from its 52‑week high of 4.948 EUR recorded on 6 January 2025. The company’s market capitalization hovered around 1.06 billion EUR, with a price‑earnings ratio of 7.7. These figures underscore the modest valuation of the firm relative to its high‑profile mRNA platform, which had attracted significant speculative interest earlier in the year.
4. Implications for BioNTech and the mRNA Landscape
BioNTech’s successful acquisition of CureVac brings together two complementary mRNA research portfolios. While BioNTech is renowned for its COVID‑19 vaccine platform and expanding oncology pipeline, CureVac’s expertise in messenger RNA delivery and vaccine development adds depth to the combined entity’s therapeutic repertoire. Early data from CureVac’s ongoing trials—particularly in oncology and respiratory disease—now fall under BioNTech’s research umbrella, potentially accelerating the development of next‑generation mRNA vaccines and treatments.
5. Market Reaction and Investor Outlook
Following the announcement that the takeover had been effectively sealed, trading in CureVac shares on the Frankfurt Stock Exchange exhibited a sharp decline, reflecting the loss of a standalone company’s valuation. Conversely, BioNTech shares, which had experienced a broader market dip from their 2020 peak of over 350 USD, remained within a trading range of 94–110 USD as of 8 December 2025. Analysts anticipate that the integration process may temporarily pressure BioNTech’s earnings per share, but the long‑term strategic benefits—expanded product pipelines and increased R&D capacity—are expected to enhance shareholder value over the medium term.
6. Conclusion
The completion of BioNTech’s takeover of CureVac represents a consolidation milestone in the German biopharmaceutical sector. With the majority of CureVac shareholders having accepted the exchange and the final redemption deadline now passed, the transition to a fully integrated operation is imminent. Stakeholders across the industry will watch closely to see how the merger shapes future developments in mRNA therapeutics and the broader landscape of precision medicine.
