The future of German biotech firm CureVac will be determined on November 25, 2025, when shareholders decide whether to accept a $1.25 billion acquisition offer from BioNTech. This extraordinary general meeting in Amsterdam could signal the conclusion of a dramatic corporate journey that transformed the company from a promising mRNA pioneer to a takeover target, though the final outcome remains uncertain.
From Pandemic Darling to Acquisition Candidate
CureVac’s trajectory has been marked by significant volatility. During the height of the pandemic, the company reached a valuation exceeding €5 billion, but it now faces substantial operational challenges. The primary catalyst for this reversal was the disappointing performance of its COVID-19 vaccine candidate, which failed to gain traction in the competitive marketplace.
This setback triggered a series of corporate restructuring measures, including significant workforce reductions and the July 2024 divestment of its influenza and coronavirus vaccine programs to GSK. Despite these challenges, the company achieved a notable victory in August 2025 by resolving its protracted patent dispute with Pfizer and BioNTech, securing a $740 million settlement plus ongoing royalty payments.
Ironically, BioNTech—previously an opponent in legal proceedings—has now emerged as the potential acquirer. CureVac’s financial performance continues to reflect its difficulties, with first-half 2025 revenues collapsing by 92% to just €2.1 million.
Acquisition Terms and Shareholder Considerations
BioNTech’s proposal offers CureVac shareholders approximately $5.46 per share in BioNTech stock, representing a substantial 55% premium over the three-month average share price preceding the June 2025 announcement. The acquiring company has already secured support from investors controlling 36.76% of CureVac shares, including major stakeholder Dietmar Hopp through his dievini Hopp BioTech holding.
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However, the transaction faces a significant hurdle: approval requires between 75% and 80% of shareholder votes. While the German government, which acquired approximately 13% of CureVac during the pandemic, has indicated support for creating a “new German biotech champion,” preliminary backing doesn’t guarantee the necessary votes.
Strategic Implications for BioNTech
The potential acquisition represents more than simply absorbing a weakened competitor. For BioNTech, the deal provides access to valuable intellectual property, technological expertise, and state-of-the-art research facilities in Tübingen. Particularly significant is how CureVac’s assets could accelerate BioNTech’s expansion into cancer immunotherapy—a strategic shift away from reliance on COVID-related business.
This move aligns with BioNTech’s recent $11.1 billion partnership with Bristol Myers Squibb focused on developing novel cancer treatments. Shareholders who reject the acquisition offer would receive payment later through a restructuring process, though they would potentially face tax disadvantages from a 15% Dutch withholding tax.
The November meeting will ultimately determine whether CureVac continues as an independent entity or becomes part of a larger biotech conglomerate, with stakeholders closely watching for any last-minute developments that could alter the company’s trajectory.
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