CureVac’s Public Trading Era Concludes Following BioNTech Acquisition

CureVac NL0015436031

The chapter on CureVac's publicly traded stock has officially closed. The Tübingen-based mRNA firm was removed from the Nasdaq exchange on January 16, 2026, finalizing a delisting process that followed the completion of its acquisition by rival BioNTech. This move permanently ends the stock market journey for the once highly-lauded vaccine developer.

The full integration into the Mainz competitor is now complete, an event with significant implications for former shareholders and Germany's broader biotech sector.

With this takeover, BioNTech consolidates its position by gaining control of CureVac's intellectual property, manufacturing facilities, and specialized research knowledge. Former CureVac investors now have exposure to these assets solely through their holdings in BioNTech stock.

Initial details regarding the integration process are anticipated when BioNTech releases its financial results for the fourth quarter of 2025, expected in late February 2026.

Transaction Mechanics and Shareholder Impact

BioNTech finalized the deal via a post-offer reorganization effective January 6, 2026. Approximately 86.75% of CureVac's shareholders participated in the share exchange offer, tendering a total of 195.3 million shares.

The exchange ratio was set at 0.05363 BioNTech American Depositary Receipts (ADRs) for each CureVac share. The entire transaction carried an approximate value of $1.25 billion.

Minority shareholders who did not participate in the voluntary exchange received identical compensation through a mandatory squeeze-out procedure. However, these payments were subject to Dutch withholding tax. While the statutory rate is 15%, the effective burden was reduced to 3.01% due to creditable tax capital. Non-Dutch shareholders had the opportunity to file for a refund until January 27, 2026.

Leadership and Regulatory Changes

CureVac's previous executive board has resigned. Leadership of the CureVac SE entity has now been assumed by BioNTech's senior managers: Ugur Sahin, Sierk Poetting, and Ramón Zapata-Gomez.

BioNTech has stated that existing operational processes will continue in the near term, while strategic and operational reviews determine the future structure. The company intends to terminate its registration with the U.S. Securities and Exchange Commission (SEC). Ninety days after the relevant filing is made, CureVac will be relieved of the reporting obligations required of a public company.