CureVac’s Final Chapter: Shareholders Face Deadline in BioNTech Takeover

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The era of independence is drawing to a definitive close for CureVac. With competitor BioNTech having successfully secured a controlling stake, a final window is now open for the remaining shareholders of the Tübingen-based biotech firm. The operational pipeline continues to advance, but the exit date for this mRNA pioneer from the public markets is effectively set.

For investors who have not yet tendered their holdings, a subsequent acceptance period is currently underway. This offer is scheduled to conclude on Thursday, December 18, 2025. The exchange ratio remains firmly established: shareholders will receive 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share they surrender.

This process follows the crucial milestone announced on December 3, where BioNTech crossed the minimum acceptance threshold. The Mainz-based company had already received tenders for 81.74% of CureVac’s outstanding shares, clearing the path for the consolidation of the two mRNA specialists.

Overwhelming Support and a Strong Financial Send-Off

The merger move has garnered substantial backing. At an extraordinary general meeting held in late November, more than 99% of voting shareholders approved the necessary merger resolutions and restructuring measures. Regulatory authorities have also granted their approval.

Operationally, CureVac is concluding its standalone journey with robust financials. The company reported an operating profit of 310.2 million euros for the third quarter of 2025, significantly driven by license payments and adjustments to its collaboration agreement with GSK. A cash position of 416.1 million euros ensures the funding for ongoing oncology programs through 2028.

Market performance reflects these developments. The stock, currently trading at 4.46 euros, has appreciated by approximately 32% since the start of the year, underscoring the takeover premium and the stabilizing effect of the deal.

Tax Implications and the Approaching Delisting

Shareholders who do not accept the offer during this final period will still be compensated through the subsequent reorganization, typically via BioNTech shares or cash payments for fractional amounts. However, management cautions that this scenario usually triggers a 15% Dutch dividend withholding tax, a critical consideration for investors.

Upon completion of the transaction, trading of CureVac shares on the Nasdaq will be permanently terminated, and all reporting obligations will cease. Consequently, December 18, 2025, represents the last opportunity for investors to exchange their holdings under the standard offer terms. After this date, the technical execution of the merger will take effect, concluding CureVac’s 25-year history as an independent entity as it becomes integrated into the BioNTech group.