CureVac’s Final Chapter: Nasdaq Delisting Marks End of an Era

CureVac NL0015436031

The independent journey of mRNA pioneer CureVac is drawing to a close on the Nasdaq. Following its acquisition by BioNTech, the Tübingen-based company's 25-year run as a publicly traded entity is concluding. For remaining shareholders, the focus has shifted from share price speculation to the mechanics of the delisting, the exchange ratio, and pertinent tax implications.

The assimilation of CureVac into BioNTech is now operationally complete. The entire former executive board of CureVac has resigned, with leadership transferred to a BioNTech-led team. Key figures now overseeing the integrated entity include:

• Prof. Ugur Sahin, Co-founder and CEO of BioNTech
• Dr. Sierk Poetting, Chief Operating Officer of BioNTech
• Ramón Zapata-Gomez, Managing Director

This transition is visible externally; CureVac's former website now redirects to BioNTech's online presence. The market message is unambiguous: CureVac is not merely delisting but is being fully absorbed into BioNTech's corporate structure.

The Countdown to Delisting: Key Dates

Nasdaq has finalized the schedule for the stock's removal. Shareholders still holding the equity face a narrow window for action before regular trading ceases permanently.

Critical milestones are as follows:

• January 5, 2026: Final trading day for CureVac shares, with trading scheduled to halt at approximately 7:50 PM US Eastern Time.
• January 6, 2026: Formal closing of the merger with BioNTech.
• January 7, 2026: Permanent suspension of trading.
• January 2026: Squeeze-out of remaining minority shareholders (13.25%).

The tender offer, which expired on December 18, 2025, was accepted for approximately 86.75% of CureVac's outstanding shares. In total, 195.3 million CureVac shares were converted into BioNTech American Depositary Shares (ADS) at a fixed exchange ratio of 0.05363 BioNTech ADS per CureVac share. Consequently, the share's valuation is now effectively pegged to this BioNTech linkage.

Market Dynamics and Final Trading

The loss of independence is already reflected in market activity. Due to the free float falling below 15%, CureVac was removed from indices such as the Solactive Global Vaccines and Infectious Diseases Index on December 24, 2025—an automatic consequence of the high acceptance rate for the offer.

Trading liquidity has diminished significantly. Meanwhile, the share price performance mirrors this transitional phase: the stock shows a nearly +46% gain over a twelve-month horizon and is up over +28% year-to-date. After a weaker month, the equity staged a final rally in the week preceding the delisting, advancing roughly +24%.

While the stock technically remains volatile, with an RSI of 37.9 and an annualized 30-day volatility of nearly 88%, its trajectory is now fundamentally governed by the fixed exchange ratio into BioNTech securities.

Strategic Assets Acquired by BioNTech

The transaction substantially bolsters BioNTech's mRNA portfolio. Key technologies and projects transitioning include:

• The RNA Printer® platform for mRNA production.
• The FRAMEpro algorithm for identifying suitable antigens.
• CVGBM, a Phase 1 candidate targeting glioblastoma.
• CVHNLC, a candidate for squamous non-small cell lung cancer with EMA study approval.
• The Tübingen production site, slated for integration into BioNTech's global manufacturing network.

Furthermore, the acquisition resolves a longstanding legal burden. In August 2025, CureVac reached a settlement with BioNTech and Pfizer in the patent dispute concerning mRNA COVID-19 vaccines. The $370 million payment concluded the legal proceedings.

Final Financial Snapshot

Prior to delisting, CureVac released its last quarterly report (Q3 2025) as an independent company on November 24, 2025. Key figures as of September 30, 2025, were:

• Liquid Assets: €416.1 million
• Q3 2025 Revenue: €54.1 million
• Q3 2025 Operating Result: €310.2 million
• Q3 2025 Earnings Per Share: €1.21

The exceptionally high operating result was primarily a one-time effect, driven largely by the $370 million US settlement payment and an additional $50 million adjustment from a revised licensing agreement with GSK. Operationally, CureVac's final results were characterized by these singular events rather than a surge in ongoing business.

Tax Considerations for Remaining Shareholders

For investors who did not tender their shares during the initial offer period, the tax treatment of the squeeze-out is crucial. Those who receive BioNTech ADS through the compulsory exclusion procedure will be subject to a 15% Dutch withholding tax on dividend income.

This deduction does not apply to shareholders who tendered their shares during the offer period and received BioNTech securities directly. Therefore, the tax implications differ based on the chosen path into BioNTech stock.

With the last trading day on January 5, 2026, CureVac's standalone equity listing will permanently cease. For the remaining shareholders, the speculative biotech stock transforms into a precisely defined stake in BioNTech, complete with the clearly outlined tax parameters of the squeeze-out process.