CureVac’s Public Market Journey Concludes Following BioNTech Acquisition

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The era of independence for Tübingen-based vaccine developer CureVac has drawn to a close. The company's shares have been permanently removed from the Nasdaq exchange, finalizing its absorption by rival firm BioNTech. This move ushers in a new chapter for remaining shareholders and employees under the umbrella of the Mainz-based biotech leader.

Trading of CureVac stock officially ceased on January 16, 2026. This delisting represents the final step in a corporate restructuring process that commenced with BioNTech's successful tender offer and was solidified through a legal reorganization on January 6. BioNTech now stands as the sole owner of the operational business, which has been legally merged into the entity CureVac Merger B.V.

The acquisition garnered substantial support from CureVac's investor base. Key financial terms of the deal underscore its scale:

• Tender Acceptance: Approximately 86.75% of outstanding shares were tendered in response to the offer.
• Deal Valuation: The transaction carried an implied total value of roughly $1.25 billion.
• Exchange Ratio: Shareholders received 0.05363 BioNTech American Depositary Shares (ADSs) for each CureVac share they held.

Implications for Remaining Minority Holders

Investors who did not tender their holdings during the official offer period are being compensated through a mandatory squeeze-out procedure. While these shareholders are entitled to the same consideration as others, they face specific tax implications. Dutch law applied an effective withholding tax of 3.01% in these cases. The conversion of remaining CureVac positions into BioNTech securities is being handled automatically by custodian banks, requiring no action from the affected investors.

Strategic Rationale and Integration Path

For BioNTech, the primary motive behind the acquisition is the enhancement of its core technological platform. The company aims to integrate CureVac's expertise in mRNA design, formulation, and manufacturing capabilities to accelerate its strategic objectives in oncology. In the near term, CureVac's organizational operations will continue unchanged. However, BioNTech management has announced a comprehensive review to determine the most efficient method for merging the research portfolios and operational frameworks of the two entities.

Responsibility for advancing CureVac's technology pipeline now rests entirely with BioNTech. Market participants wishing to maintain exposure to the potential of these assets must now monitor the future financial disclosures and strategic updates from the Mainz-based parent company, where details regarding integration progress and potential portfolio adjustments will be communicated.

@ boerse-global.de | NL0015436031 CUREVAC’S