CureVac Acquisition Finalized as BioNTech Consolidates mRNA Leadership

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The corporate journey of CureVac as an independent entity has concluded. BioNTech SE has successfully completed its acquisition of the Tübingen-based biotech firm, with the transaction formally closing on December 18, 2025. Shareholder approval was decisive, with approximately 87% of CureVac's equity holders accepting the takeover bid, marking the end of a volatile public market history defined by significant promise and subsequent setbacks.

With the deal now official, BioNTech assumes control. The company reported that 195.3 million CureVac shares, representing 86.75% of all outstanding stock, were tendered. BioNTech plans to acquire the remaining 13.25% through a compulsory acquisition procedure scheduled for January 2026, after which CureVac's listing on the Nasdaq will be terminated.

"The acquisition of CureVac deepens our mRNA technology platform and creates new opportunities to advance mRNA as a therapeutic modality," stated BioNTech CEO Prof. Ugur Sahin.

Leadership changes took immediate effect upon closure. CureVac's entire management board stepped down. The new governing body for the integrated assets now consists of BioNTech's Prof. Ugur Sahin, Dr. Sierk Poetting, and Ramón Zapata-Gomez. BioNTech indicated that strategic and operational reviews will be conducted to determine the future path for the combined platforms.

From Pandemic Highs to Strategic Realignment

CureVac was among the early pioneers in messenger RNA technology. Its share price peaked near €120 in December 2020, during the height of the pandemic, more than double its August 2020 initial public offering price. However, the company's first COVID-19 vaccine candidate ultimately failed due to insufficient efficacy in late-stage trials.

This led to a major strategic shift. In July 2024, CureVac sold its influenza and COVID-19 vaccine programs to GSK for €400 million. By the end of September 2025, the company reported liquid funds of €416 million, which it stated were sufficient to fund operations into 2028. Its third-quarter 2025 revenue, however, fell 89% year-over-year to €54.1 million, a decline attributed to the conclusion of one-time payments from the GSK agreement.

Consolidating German Biotech Expertise

The all-stock transaction values CureVac at roughly $1.25 billion. It unites two leading German mRNA specialists, both of which have long been backed by family investment vehicles—ATHOS KG and dievini Hopp BioTech.

BioNTech's primary objective is to harness synergies in mRNA design, formulation development, and manufacturing capabilities. A key strategic focus is strengthening its oncology pipeline, which includes pan-tumor immunotherapy candidates and the bispecific antibody Pumitamig.

For the minority of CureVac shareholders who did not tender their shares in the initial offer, the compulsory acquisition in January will provide the same consideration. It is noted that a 15% Dutch withholding tax will apply to this payout. The final delisting of CureVac stock is now imminent.