CureVac’s Final Chapter: BioNTech Acquisition Nears Completion

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The independent stock market journey for CureVac is drawing to a definitive close. Following BioNTech's successful takeover bid, the company's shares are no longer swayed by expectations surrounding clinical trial results or pipeline potential. The focus has shifted entirely to procedural mechanics: the squeeze-out, the final cash compensation, and the impending delisting. For remaining shareholders, this signals a distinct change in the investment thesis.

With the controlling stake secured, BioNTech is set to initiate the final phase of integration. The pivotal acceptance period concluded on December 18, 2025, at which point BioNTech had acquired approximately 86.75% of CureVac's outstanding shares. This commanding majority grants BioNTech full control to proceed with the complete assimilation of the business.

The immediate next step is a squeeze-out of the remaining minority shareholders, scheduled for January 2026. This legal process will forcibly transfer all residual shares to BioNTech. In exchange, the affected shareholders will receive a predetermined cash settlement. The natural consequence of this action will be the formal delisting of CureVac stock from public exchanges.

Transaction Summary:

• Acquiring Entity: BioNTech SE
• Stake Secured: Roughly 86.75% of CureVac shares
• Offer Closure: December 18, 2025
• Squeeze-Out Execution: January 2026
• Final Outcome: Delisting of CureVac equity

Share Price Dynamics Shift from Fundamentals to Mechanics

CureVac's stock performance has decoupled from operational developments. Recent price action is almost exclusively a function of the acquisition's technical execution rather than corporate milestones. Trading now primarily reflects:

• The specific terms and timeline of the compulsory acquisition.
• Minor fluctuations based on final settlement expectations.
• Technical market factors like diminished liquidity and short-term arbitrage.

Notably, the share price has converged closely to the level implied by the takeover conditions. As of the latest session, shares closed at $4.52. This positions the stock well above its 52-week low but somewhat below the peak reached in June 2025. The double-digit percentage declines observed in December 2025 were less a fundamental reassessment and more indicative of speculative capital exiting the position, leaving only the final administrative steps ahead.

Liquidity has been declining in recent trading days, a trend expected to continue. Any pronounced price swings are largely attributed to final portfolio adjustments by institutional investors and arbitrage activity preceding the delisting.

Conclusion: From Growth Narrative to Administrative Wind-Down

The acquisition marks the end of CureVac's standalone market presence. BioNTech will absorb CureVac's mRNA platform, production capabilities, and formulation technologies into its existing operations. For current equity holders, the investment has transformed from a biotech growth story into a straightforward settlement process. Attention is now firmly on the legal and administrative details of the squeeze-out and the subsequent removal of the stock from public trading venues.