CureVac Acquisition Finalized as BioNTech Consolidates mRNA Leadership

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The era of CureVac as an independent, publicly traded entity has concluded. On December 18, 2025, BioNTech SE successfully completed its acquisition of the Tübingen-based mRNA pioneer. The takeover offer received overwhelming support, with shareholders tendering 86.75% of CureVac's shares, decisively surpassing the 80% minimum acceptance threshold and marking a significant consolidation within Germany's biotechnology landscape.

Under the terms of the share exchange offer, a total of 195,341,219 CureVac shares were submitted. This block represents 86.75% of the company's issued share capital. In return, CureVac stockholders received 0.05363 American Depositary Shares (ADS) of BioNTech for each share they held. The transaction, valued initially at approximately $1.25 billion in BioNTech stock, became effective at 00:01 Eastern Time on the closing date, granting BioNTech full control.

For the remaining minority shareholders, a squeeze-out process is now imminent. BioNTech will move to delist CureVac in January 2026, terminating its Nasdaq listing and associated U.S. Securities and Exchange Commission reporting obligations. Consequently, CureVac stock will cease to be available on any public exchange.

Financial Snapshot and New Leadership

Prior to integration, CureVac's financial position was detailed in its last reported figures. As of September 30, 2025, the company held €416.1 million in liquid assets, a decrease from the €481.7 million reported at the end of 2024. Its operational performance for the third quarter of 2025 showed a profit of €310.2 million, primarily driven by milestone payments and licensing income.

Revenue for the first nine months of 2025 amounted to €56.2 million, sourced from several key partnerships: €43.3 million from GSK, €11.1 million in license fees from BioNTech, and €1.8 million from CRISPR Therapeutics. The third quarter alone contributed €54.1 million, which included a $50.0 million payment from a GSK license agreement.

The former CureVac management board has resigned en masse. BioNTech's CEO, Prof. Ugur Sahin, along with Dr. Sierk Poetting and Ramón Zapata-Gomez, have now assumed control as the new executive board of CureVac SE, finalizing the operational integration.

Strategic Rationale and Shareholder Approval

This acquisition unites two leading German mRNA specialists under a single corporate roof. BioNTech's strategic aim is to combine complementary expertise in mRNA design, formulation technologies, and manufacturing processes. CureVac's oncology pipeline, including its glioblastoma candidate CVGBM and lung cancer program CVHNLC, will be integrated into BioNTech's broader development portfolio.

A significant ancillary benefit is the resolution of longstanding legal disputes. All ongoing German patent litigation between the two firms concerning mRNA-based COVID-19 vaccines has been suspended.

The transaction received near-unanimous backing from CureVac's shareholders. At an extraordinary general meeting held on November 25, 2025, more than 99.16% of the votes cast were in favor of the takeover. Remaining shareholders who did not participate in the initial exchange offer and who receive BioNTech ADSs through the post-offer reorganization will be subject to a 15% Dutch withholding tax.