CureVac’s Stock Market Journey Concludes as BioNTech Assumes Full Control

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The independent public listing of CureVac is now on an irreversible path to termination. Following the expiration of the final acceptance period for a public exchange offer, its Mainz-based partner BioNTech has secured a commanding majority stake. This move initiates the inevitable delisting process, setting a definitive course for remaining shareholders and eliminating any speculation about the company's future as a standalone entity.

The financial markets have responded with a sober realism that reflects the new reality. On Friday, CureVac shares declined a further 3.77 percent, closing at a price of 3.53 euros. This drop is the logical outcome of speculative capital exiting the stock. With the takeover formally concluded and its terms fixed, the equity no longer possesses an independent price discovery narrative.

The broader retreat of investors is even more pronounced over a weekly horizon. The stock has shed over 17 percent of its value across the past seven trading sessions. As the free float has dramatically shrunk, liquidity for the shares is expected to virtually evaporate in the coming weeks.

The Mechanics of the Takeover and Final Steps

The results of the public exchange offer present a clear and unambiguous picture. By the deadline of December 18, 2025, BioNTech had been tendered a total of 195,341,219 CureVac shares. This figure represents approximately 86.75 percent of the company's outstanding share capital.

This overwhelming majority allows BioNTech to surpass the necessary thresholds to enforce a complete integration. The high acceptance rate underscores that both institutional and private investors have largely chosen to accept the offer rather than assume the risk associated with holding an illiquid minority position.

BioNTech has already detailed the subsequent steps for the remaining minority shareholders through a process termed a "Post-Offer Reorganisation," which will be executed swiftly:

• Squeeze-out: The company intends to compulsorily acquire all remaining CureVac shares.
• Timeline: This legal procedure is scheduled for completion in January 2026.
• Delisting: Following the squeeze-out, CureVac's listing on the Nasdaq will be terminated and the stock deregistered.

The impending compulsory acquisition in January will mark the definitive end of CureVac's chapter as a publicly traded company. Henceforth, it will operate as a fully integrated subsidiary within the BioNTech group, combining the mRNA technology platforms of both entities. For any remaining shareholders, the stock now represents merely a holding with a fixed termination date, awaiting final settlement.