CureVac’s Final Chapter: BioNTech Acquisition Concludes mRNA Pioneer’s Independence

CureVac NL0015436031

After a quarter-century as a standalone entity, CureVac's journey on the public markets has reached its definitive conclusion. The mRNA innovator from Tübingen is being formally absorbed by its larger rival, BioNTech SE, with the merger set to be finalized on January 6, 2026. This marks the end of CureVac's presence as a separately traded stock.

BioNTech's voluntary tender offer, which closed on December 18, 2025, proved highly successful. The company secured 86.75% of CureVac's outstanding shares, amounting to 195,341,219 equities that changed hands. Shareholders who tendered their stock received 0.05363 BioNTech American Depositary Receipts (ADRs) for each CureVac share they held.

This deal values CureVac at approximately $1.25 billion. The offer represented a significant premium of about 55% over the stock's average price of $3.53 during the three-month period preceding the acquisition announcement in June 2025.

Nasdaq has confirmed the official delisting schedule. Trading in CureVac shares was halted at 7:50 p.m. Eastern Time on January 5, 2026, which was the final trading day. The stock concluded its regular market activity at a closing price of $4.67. All trading is permanently suspended as of January 7.

Squeeze-Out Procedure for Remaining Holders

For the minority of shareholders holding the remaining 13.25% of equity, BioNTech is initiating a compulsory acquisition, or squeeze-out. While these investors will receive the same exchange ratio of 0.05363 BioNTech ADRs per share, a critical financial distinction exists: a 15% Dutch withholding tax will apply. This tax liability would not have been incurred had they participated in the initial voluntary tender offer.

Leadership and Operational Integration

A complete leadership transition has accompanied the takeover. CureVac's former management team resigned en masse. The new board is now composed exclusively of BioNTech executives:

• Prof. Ugur Sahin, Chief Executive Officer and Co-Founder of BioNTech
• Dr. Sierk Poetting, Chief Operating Officer
• Ramón Zapata-Gomez, Managing Director

Operational integration is already well underway. The former CureVac corporate website now redirects visitors directly to BioNTech's site.

Strategic Assets Acquired by BioNTech

The acquisition grants BioNTech control over several key mRNA technology platforms and developmental assets, including:

• The RNA Printer® platform for automated mRNA production.
• The FRAMEpro algorithm used for antigen identification.
• CVGBM, a Phase 1 candidate targeting glioblastoma.
• CVHNLC, a candidate for head and neck squamous cell carcinoma, which has received clinical trial authorization from the European Medicines Agency (EMA).
• CureVac's manufacturing facility in Tübingen, which will be integrated into BioNTech's global production network.

Resolution of Major Patent Litigation

A notable ancillary benefit of the merger is the effective end to protracted patent disputes concerning mRNA-based COVID-19 vaccines. In August 2025, CureVac, BioNTech, and Pfizer reached a $370 million settlement to resolve U.S. legal battles. Combined with an additional payment from a revised licensing agreement with GSK, CureVac secured a total of $740 million in proceeds, plus future royalty streams.

Looking Ahead: The Path Forward for Shareholders

For any investors still holding CureVac positions after January 5, the squeeze-out process will occur automatically. Their shares will be converted into BioNTech ADRs in the coming weeks. The mRNA technologies and pipeline projects developed in Tübingen will continue, but not under the CureVac banner. They will now advance within the substantially larger corporate framework of BioNTech.