The proposed acquisition of CureVac by BioNTech is accelerating toward its final stages, with several crucial deadlines now imminent. Recent regulatory filings indicate that shareholders face narrowing windows to make pivotal decisions about their positions in the biotechnology company.
Financial Context Strengthens Offer Position
BioNTech recently strengthened its acquisition proposal by integrating current financial data into the formal documentation. On November 11, the company submitted an updated UK Exemption Document that incorporated complete third-quarter 2025 results, providing investors with the most recent financial context for evaluating the takeover terms.
The financial disclosures reveal BioNTech generated €1.96 billion in revenue during the first nine months of 2025 while reporting a net loss of €831.1 million. This deficit primarily stems from a one-time special charge of €678.5 million related to a settlement with GSK. Despite this quarterly setback, BioNTech reaffirmed its full-year 2025 revenue guidance, projecting between €2.6 billion and €2.8 billion.
Shareholder Decision Windows Closing
The acquisition structure remains consistent with initial proposals: BioNTech has offered 15,061,575 newly issued American Depositary Shares (ADSs) in exchange for all outstanding CureVac shares. This stock-for-stock transaction places BioNTech’s financial stability at the center of the deal’s valuation.
Should investors sell immediately? Or is it worth buying CureVac?
BioNTech’s substantial financial resources provide strong backing for the acquisition. As of September 30, 2025, the company held €16.7 billion in liquid assets and security investments. This financial strength not only supports the CureVac transaction but also underscores BioNTech’s strategic expansion into oncology research, which represents the core motivation behind the acquisition.
Critical deadlines are now approaching rapidly. Germany’s Federal Financial Supervisory Authority (BaFin) has established withdrawal rights for shareholders that must be exercised by November 14, 2025. Shortly thereafter, on November 25, 2025, CureVac will convene an extraordinary general meeting where shareholders will vote on several transaction-related resolutions, including proposed corporate restructuring following the acquisition.
Investor Considerations Intensify
Market attention has firmly shifted to the upcoming shareholder decisions. These regulatory milestones represent more than procedural formalities—they mark the transition from planning to implementation phase. CureVac investors now face concrete choices: accept the share exchange terms or exercise their withdrawal rights before the rapidly approaching deadlines.
The coming weeks will determine whether BioNTech’s strategic move to bolster its oncology portfolio through the CureVac acquisition gains the necessary shareholder approval to proceed.
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