CureVac’s Final Chapter: Key Dates for Shareholders as Delisting Approaches

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The independent journey of German biotech firm CureVac is drawing to a close. Following its acquisition by fellow mRNA pioneer BioNTech, the company is set to disappear from public markets in early January 2026, culminating in a mandatory squeeze-out for remaining minority shareholders. Investors are now focused on the definitive timeline for this corporate transition.

This merger unites two foundational German companies in the messenger RNA field. Both entities were initially backed by family-owned investment firms—ATHOS KG for BioNTech and dievini Hopp BioTech holding for CureVac.

The acquisition provides BioNTech with enhanced capabilities in mRNA design, drug delivery formulations, and manufacturing. CureVac’s production facility in Tübingen will be incorporated into BioNTech’s global network. Key oncology assets, including the glioblastoma treatment candidate CVGBM and personalized cancer immunotherapies, are expected to be advanced under the new ownership.

Concurrent with the takeover, CureVac’s executive board has been entirely reconstituted. The previous board members voluntarily stepped down. Leadership is now held by Prof. Ugur Sahin, Sierk Poetting, and Ramón Zapeta-Gomez, effectively placing CureVac SE under BioNTech’s control for integration.

Acquisition Mechanics and Index Removal

BioNTech’s exchange offer concluded successfully on December 18, 2025. Approximately 86.75% of CureVac’s outstanding shares were tendered, significantly surpassing the minimum acceptance threshold of 80%.

The exchange ratio was set at 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share.

This high acceptance rate reduced the free float below 15%, triggering CureVac’s removal from relevant stock indices on December 24, 2025.

The Countdown to Delisting

Nasdaq has formalized the final steps. Trading in CureVac shares will be suspended after the close of after-hours trading at approximately 7:50 PM EST on January 5, 2026. The merger is scheduled to be completed before the market opens on January 6, 2026. A permanent trading suspension will take effect from January 7, 2026.

Critical dates for shareholders:

• January 5, 2026: Final trading day for CureVac stock.
• January 6, 2026: Merger completion.
• January 7, 2026: Effective trading suspension.
• January 2026: Squeeze-out of the remaining 13.25% of shares.

In January 2026, BioNTech intends to compulsorily acquire the remaining minority holdings through a squeeze-out procedure. Shareholders who did not tender their CureVac securities and who receive BioNTech ADS as part of the subsequent reorganization will generally be subject to a 15% Dutch dividend withholding tax.

Financial Snapshot Before Exit

CureVac’s last quarterly report, published in November 2025, showed robust figures that were substantially influenced by one-time effects:

• Liquid Assets: €416.1 million as of September 30, 2025.
• Q3 2025 Operating Result: €310.2 million.
• Q3 2025 Revenue: €54.1 million.

The exceptional operating result was primarily driven by licensing payments and a global patent settlement with Pfizer and BioNTech valued at $740 million. The company also confirmed that its existing cash reserves are sufficient to meet funding requirements under current plans through 2028.

The conclusion of the squeeze-out will mark the end of CureVac’s roughly 25-year history as a standalone entity. For equity holders, the January 2026 timeline represents the decisive final phase of this corporate evolution.