CureVac’s Stock Market Exit: A New Chapter Under BioNTech

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The independent journey of CureVac on the public markets has concluded. BioNTech has finalized its acquisition of the Tübingen-based biotech firm, resulting in CureVac's delisting from the Nasdaq exchange. For former shareholders, the focus now shifts to two primary concerns: the tax implications of the deal and the future performance of BioNTech as the new home for CureVac's assets.

A post-offer reorganization was completed on January 6, 2026. Through a merger structure, BioNTech became the sole owner of all CureVac business units. The legal successor is CureVac Merger B.V., with all previous public shareholdings settled as part of this process.

Key details of the transaction include:

• Total Transaction Value: Approximately $1.25 billion (equity portion only)
• Tendered Shares: 195,341,219 CureVac shares, representing 86.75% of the share capital
• Delisting Effective Date: January 16, 2026
• Remaining Shareholders: Compulsorily squeezed out as part of the reorganization

Following these structural measures, CureVac no longer operates as an independent entity in the capital markets.

Trading Halted and Formal Delisting

Trading of CureVac shares on the Nasdaq Global Market was suspended immediately after the reorganization announcement on January 6, 2026. The final recorded share price was approximately $4.66.

Subsequently, the necessary Form 25 was filed with the U.S. Securities and Exchange Commission (SEC) to formally execute the delisting. This action terminates all analyst coverage of CureVac as a standalone stock, marking the end of its life as a distinct investment.

Minority shareholders who did not tender their shares during the offer period received the same consideration as participating investors, though this payment was subject to a deduction for Dutch withholding tax.

Navigating Withholding Tax and Refunds

The tax treatment is a critical point for non-resident minority shareholders. Dutch dividend withholding tax was applied to the consideration paid.

• Statutory Withholding Tax Rate: 15%
• Effective Applied Rate: 3.01%

The lower effective rate results from the tax recognition of capital components within the transaction structure.

An important deadline now applies: requests for a refund of the Dutch dividend withholding tax must be submitted by January 27, 2026. BioNTech is processing these refund claims on behalf of CureVac Merger B.V.

Former shareholders seeking a refund must contact [e-mail] via email before the deadline and provide the required documentation.

Strategic Rationale for BioNTech

This acquisition provides BioNTech with a comprehensive mRNA portfolio. The deal brings several key assets:

• mRNA development and design expertise, along with proprietary technologies
• Formulation and drug delivery know-how
• Manufacturing capabilities
• Clinical pipeline projects, including oncology programs in Phase 1 trials

The move significantly strengthens BioNTech's oncology development pipeline and broadens its existing mRNA technology platform.

Following the transaction's completion, investment bank Goldman Sachs upgraded its rating for BioNTech to "Buy." The upgrade was primarily justified by the expansion of the oncology pipeline and the strategic value of the combined mRNA technologies.

Implications for Former Shareholders

For previous CureVac investors, the outcome is definitive: the stock no longer exists as a separate security. Any future value creation from CureVac's former platform will be reflected solely in BioNTech's financial results and share price.

Those who received BioNTech shares as part of the exchange offer are now directly exposed to the acquirer's corporate performance. Relevant sources of information going forward will be:

• BioNTech's quarterly and annual reports
• Pipeline updates, particularly concerning the integrated oncology and mRNA projects

The economic future of the former CureVac portfolio is now entirely tied to BioNTech's ongoing business development and market valuation.