CureVac’s Path as an Independent Company Concludes with BioNTech Takeover

The fate of CureVac's remaining shareholders is now sealed. The German biotech firm's future is unequivocally under the control of BioNTech, following the successful acquisition of a commanding stake. This pivotal shift ushers in a new chapter for the stock, one marked by its removal from major indices and a final deadline for shareholders to accept the takeover bid, leaving investors with a critical decision.

Market attention at the week's close was dominated by the official confirmation that BioNTech's takeover offer had achieved its minimum acceptance threshold. According to the latest data, approximately 184 million CureVac shares have been tendered to BioNTech. This figure represents roughly 81.74% of the company's outstanding share capital.

With this majority secured, BioNTech can proceed with integrating CureVac's specialized assets into its own development pipeline. For equity holders who have not yet exchanged their shares, BioNTech has initiated an additional acceptance period. This final window, which remains open until December 18, 2025, provides a last opportunity to exit the standalone investment under the original terms before the corporate restructuring advances further.

Index Exclusion and Declining Market Liquidity

Parallel to the takeover, a technical factor is exerting pressure on the share price: CureVac has been deleted from the NASDAQ Biotechnology Index. Such adjustments compel passive index-tracking funds to liquidate their holdings, mechanically reducing demand for the stock. This dynamic is reflected in recent trading; the shares declined 6.01% over the week, closing at 4.38 euros on Friday.

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

Furthermore, with over 80% of the equity now firmly held by BioNTech, the public float has shrunk dramatically. Market analysts caution that trading in the remaining shares could become increasingly illiquid. Reduced liquidity typically leads to wider bid-ask spreads and makes it difficult for larger investors to enter or exit positions without significantly impacting the price.

The Final Chapter for a Standalone mRNA Pioneer

The high acceptance rate marks a historic turning point for Germany's mRNA sector. The pronounced volatility that characterized CureVac's stock since its IPO and throughout the race for a Covid-19 vaccine is now giving way to the reality of its status as a corporate subsidiary. Through the share exchange, the majority of investors have opted out of the company-specific risk profile, instead gaining exposure to BioNTech's broader portfolio.

All eyes are now on the December deadline. Investors who do not accept the offer by that date risk holding securities that may become exceptionally difficult to trade. Should BioNTech move to increase its stake further, the next logical step would be a squeeze-out procedure, compelling the remaining minority shareholders to sell their holdings. Trading activity early in the week may offer initial clues on the extent to which the index exclusion continues to influence short-term capital flows.