CureVac Acquisition Finalized by BioNTech, Delisting Process Begins

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The acquisition of CureVac by BioNTech is now official. On December 18, 2025, the Mainz-based firm confirmed it had secured 86.75% of CureVac's outstanding shares, amounting to 195.3 million individual stock units. This move finalizes the integration of the Tübingen-based mRNA developer. A countdown has begun for the remaining minority shareholders.

Following the immediate operational transfer post-closing, BioNTech has replaced CureVac's entire executive board. The new leadership team now comprises BioNTech CEO Prof. Ugur Sahin, Dr. Sierk Poetting, and Ramón Zapata-Gomez. Consequently, CureVac effectively ceases to exist as an independent publicly traded entity.

The strategic rationale is unambiguous. BioNTech aims to absorb CureVac's mRNA technology platform and oncology programs, which include the CVGBM project, into its own development pipeline. Concurrently, a global patent dispute is being settled, involving a milestone payment of $130 million to GSK.

Key Details for Shareholders

The following data points outline the current situation:

• BioNTech's Stake: 86.75% (195.3 million shares)
• Transaction Close Date: December 18, 2025
• Planned Squeeze-out: January 2026
• Remaining Free Float: Less than 14%
• Q3 Revenue: €54.1 million
• Q3 Earnings Per Share: €1.21 (profit)

Trading activity has aligned with expectations. On December 19, CureVac shares opened on the Nasdaq with a gap down at $4.15, having closed the previous session at $4.28. The equity's market valuation is now almost exclusively dictated by the acquisition terms. Institutional investors are expected to gradually unwind their positions ahead of the stock's removal from listings.

Forced Buyout and Final Delisting

A definitive timeline is now in place for minority investors. BioNTech intends to execute a squeeze-out procedure in January 2026. This legal mechanism allows the majority shareholder to compulsorily acquire all remaining shares for a cash settlement. Subsequently, CureVac stock will be delisted from all exchanges.

CureVac's Q3 2025 financial results indicate the company concluded its final reporting periods profitably. Net profit reached €273.2 million, propelled by milestone payments and licensing revenue. However, these one-time effects hold no relevance for the current valuation. The shares have transitioned into a pure arbitrage instrument, awaiting the administrative completion of the forced buyout.