CureVac’s Final Chapter as a Public Company Nears

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The curtain is falling on CureVac's independent journey as a publicly traded entity. Following years in the mRNA spotlight, the company's orderly transition under the umbrella of BioNTech is now the central narrative. For remaining shareholders, this phase is less about new speculation and more about the final administrative steps of a deal that is largely cemented. What are the implications for those still holding the stock?

BioNTech's acquisition consolidates key mRNA expertise within Germany. Both firms were early pioneers in the technology and found themselves in direct competition at times, most notably during the race to develop COVID-19 vaccines.

In 2024 and 2025, CureVac implemented significant restructuring measures, including workforce reductions and a strategic refocusing of its project pipeline, aiming to streamline its cost base. For the full year 2024, the company reported a net financial result of €13.2 million. This figure was significantly influenced by special effects and licensing agreements, notably a €400 million upfront payment from GSK.

Despite these cash inflows, the substantial financial challenge of funding late-stage clinical trials for mRNA therapies and vaccines remained. The high costs, lengthy timelines, and need for robust financing made a partnership with a stronger entity almost a necessity. Integration into BioNTech's corporate structure now allows CureVac's technology—particularly in mRNA design and production—to be embedded into a far more broadly funded pipeline targeting oncology and infectious diseases.

Trading Calm Ahead of Delisting

CureVac shares closed at $4.32 yesterday, trading within a narrow band. The price sits approximately 10% below its 52-week high but remains well above the low seen earlier in the spring. This reflects a market that has settled following the volatile period surrounding the takeover bid.

This relative price stability indicates that the market has largely priced in the terms of BioNTech's acquisition. Significant fluctuations are absent because the major speculation regarding the offer has concluded. Trading volume has normalized, suggesting most larger investors have already adjusted or closed their positions during the offer period.

On December 18, BioNTech confirmed the successful completion of its exchange offer, securing roughly 86.75% of CureVac's outstanding shares. This clearly surpassed the critical acceptance threshold, placing the transaction firmly in its implementation phase. The subdued trading activity underscores the high degree of certainty that the deal will be finalized as planned.

The Path to a Squeeze-Out and Final Exit Window

BioNTech is now advancing the reorganization following the offer. A central component is a squeeze-out procedure, where remaining minority shareholders will be compulsorily compensated once legal requirements are met. This process is scheduled for January 2026.

This creates a clear situation for remaining equity holders:
* The current share price effectively represents the last market window for a voluntary exit.
* Further upside potential is structurally limited by the deal's fixed terms.
* Short-term speculative interest is minimal unless the contractual parameters change.

Upon completion of the squeeze-out, CureVac will be delisted from the Nasdaq and other exchanges. The shares will lose their status as an independently tradable security, with the company's economic prospects fully absorbed into BioNTech.

Concrete Timeline Through 2026

CureVac's independence is winding down step by step. Leading up to the planned delisting in January 2026, trading liquidity is expected to continue diminishing as fewer market participants remain active in the stock. New quarterly reports, investor presentations, or strategic updates from CureVac as a standalone entity are no longer anticipated.

The focus has now shifted to the technical execution of the merger: implementing the squeeze-out, formally terminating the stock exchange listing, and subsequently transferring assets into BioNTech's corporate framework. This marks the end of CureVac's era as an independent listed company. Its mRNA technology is likely to find its future expression primarily within BioNTech's product candidates.