CureVac’s Stock Market Journey Concludes Following BioNTech Acquisition

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The final phase of CureVac's tenure as an independent publicly traded company is now underway. The mRNA specialist from Tübingen is set to disappear from major stock indices today, following the successful completion of its takeover by Mainz-based BioNTech. As the integration of its technology platform begins, remaining shareholders must prepare for the stock's ultimate market exit.

The path to delisting was cemented by the results of BioNTech's public exchange offer, which concluded on December 18, 2025. A decisive majority of approximately 86.75% of all outstanding CureVac shares were tendered by investors, comfortably surpassing the minimum acceptance threshold required for the transaction. The agreed exchange ratio stands at 0.05363 BioNTech shares for each CureVac share held.

This high acceptance rate has pushed the free float below the critical 15% level, prompting immediate action from index providers. Effective today, December 24, 2025, CureVac's equity will be removed from relevant indices, with its weighting redistributed proportionally among the remaining constituent companies.

Implications for Remaining Shareholders

Investors who continue to hold their positions now face a fundamentally altered landscape. Trading liquidity is expected to diminish significantly, as institutional investors have largely exited their positions. Traditional technical chart analysis becomes largely irrelevant at this stage, with the share price now almost exclusively determined by the valuation key established in the BioNTech offer.

Additional tax considerations may also arise. Shareholders who did not accept the initial offer but later receive BioNTech American Depositary Shares (ADS) could be subject to a 15% Dutch withholding tax.

Final Financials and Integration Plans

CureVac's last quarterly report, published in late November, showcased notable financial results, though these were heavily influenced by one-time special effects. An operating profit of 310.2 million euros was primarily driven by licensing payments and a global patent settlement worth 740 million dollars with Pfizer and BioNTech.

Operationally, the focus now shifts to Mainz. BioNTech will integrate CureVac's clinical oncology programs and its Tübingen production facility into its global network. To finalize the acquisition, a squeeze-out procedure is scheduled to commence in January 2026. This legal process aims to acquire the remaining 13.25% of shares, paving the way for a definitive termination of CureVac's stock market listing in spring 2026.