CureVac’s Final Chapter: BioNTech Completes Acquisition and Delists Shares

CureVac NL0015436031

The independent journey of CureVac has reached its conclusion. BioNTech has formally completed its acquisition of the Tübingen-based mRNA pioneer, ending a quarter-century of the company's autonomy. As CureVac's online presence is redirected, remaining shareholders are focused on the practical details of settling their final equity holdings.

With the deal now finalized, a complete leadership transition is underway. CureVac's entire executive board has resigned collectively. Stepping into leadership roles are BioNTech's founder, Ugur Sahin, and its Chief Operating Officer, Sierk Poetting. Operationally, BioNTech gains valuable assets, including CureVac's automated "RNA Printer" production platform and clinical-stage candidates in oncology research. Previous legal disputes over patents between the two firms have already been resolved through prior settlements.

The technology developed in Tübingen will not vanish but will instead be absorbed into BioNTech's global production network. For the investment community, this marks the end of betting on CureVac as a standalone success story. Its pipeline projects will now advance under the Mainz-based company's umbrella, backed by its substantial financial resources.

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

The Mechanics of the Takeover and a Costly Oversight

The voluntary exchange offer from BioNTech expired on December 18, 2025. Through this process, BioNTech secured approximately 86.75% of CureVac's outstanding shares. Investors who tendered their holdings by the deadline received 0.05363 BioNTech American Depositary Receipts (ADRs) for each CureVac share they owned. The total transaction value amounts to roughly $1.25 billion.

Trading of CureVac stock on the Nasdaq was halted yesterday evening. Starting tomorrow, its listing will be permanently suspended. For the minority shareholders who still hold about 13.25% of the equity, BioNTech is initiating a squeeze-out procedure. While these investors will also receive the same exchange ratio of 0.05363 BioNTech ADRs per share, a significant financial drawback exists: this compulsory conversion triggers a 15% Dutch withholding tax. This levy represents a direct financial loss that would have been avoided had the original voluntary offer been accepted.

Market Closure and Shareholder Implications

CureVac's shares, which last traded at €3.89 and had declined more than 16% since the start of the year, will now disappear from the public market. The closure of this chapter transfers CureVac's innovative platforms and research into a larger entity, concluding its distinct history on the stock exchange while its scientific work continues under new ownership.