CureVac Shareholders Face Imminent Delisting Following BioNTech Acquisition

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The publicly traded chapter of CureVac is drawing to a definitive close. BioNTech SE has successfully concluded its tender offer for the company, securing a commanding majority stake and setting in motion a mandatory squeeze-out procedure that will result in the delisting of CureVac shares.

During the acceptance period, holders of approximately 195.3 million CureVac shares tendered their stock to BioNTech. This figure represents 86.75% of all outstanding shares, providing a clear mandate for the takeover. The subsequent offering period concluded at midnight Eastern Time on December 18, 2025.

With this overwhelming majority secured, BioNTech is now positioned to compulsorily acquire the remaining 13.25% of shares in January 2026. This legal process will mark the definitive end of CureVac's stock market listing. Shareholders who have not yet tendered their holdings will automatically receive BioNTech American Depositary Shares (ADSs) as consideration, with cash payments for fractional shares. It is important to note that this group will be subject to a 15% Dutch withholding tax on the transaction.

Leadership and Strategic Integration

The acquisition has precipitated a full transition in the company's leadership. CureVac's previous executive management team has voluntarily stepped down. The helm is now held by three senior BioNTech figures: Prof. Dr. Ugur Sahin, Dr. Sierk Poetting, and Ramón Zapata-Gomez.

For the time being, CureVac's existing business operations will continue uninterrupted. Concurrently, BioNTech is conducting a comprehensive review of the acquired entity's strategic direction, operational framework, and scientific development pipeline. This analysis will inform the future organizational structure and integrated product portfolio.

Strategic Rationale and Combined Expertise

The acquisition grants BioNTech access to complementary mRNA technologies and capabilities. These include advanced mRNA design platforms, novel delivery technologies, and specialized manufacturing expertise. The integration is viewed as particularly synergistic for BioNTech's oncology strategy, which focuses on mRNA-based cancer immunotherapies and the bispecific antibody Pumitamig, developed in collaboration with Bristol Myers Squibb.

Both firms emerged as pioneering forces in Germany's mRNA sector, each built with the support of long-term oriented investors—BioNTech by ATHOS KG and CureVac by dievini Hopp BioTech holding.

Final Countdown to Delisting

The pivotal moment arrives in January 2026 when BioNTech executes the mandatory squeeze-out for the residual shares. From that point forward, CureVac equity will cease to be publicly tradable. Remaining shareholders will have their positions automatically converted, subject to the noted tax implications, finalizing the company's transition to a wholly-owned subsidiary.