CureVac’s Final Chapter: BioNTech Consolidates Control as Squeeze-Out Looms

The independent journey of CureVac as a publicly traded company has reached its conclusion. Following the formal completion of BioNTech's exchange offer, the stock's valuation is no longer driven by prospects from its research pipeline. Instead, its trajectory is now almost entirely tied to the final administrative steps of its integration. For remaining shareholders, a single question remains: how will the inevitable exit process unfold next month?

Substantial operational changes have already been implemented. CureVac's executive board has been reconstituted, with former members stepping down and being replaced by leadership from BioNTech. This shift ensures complete control now rests with the new owner, solidifying the company's transition from an independent biotech entity to a subsidiary of the Mainz-based immunotherapy specialist.

The defining corporate event occurred in mid-December. After the extended acceptance period concluded on December 18, BioNTech successfully secured approximately 86.75% of CureVac's outstanding shares. This high acceptance rate formally seals the acquisition.

Should investors sell immediately? Or is it worth buying CureVac?

Market Dynamics Shift to Final Payout

Trading activity in CureVac shares has fundamentally changed. The stock, once characterized by high volatility with a beta of 1.77, now exhibits stable, sideways movement. Its current price of $4.31 reflects this new reality. The market is no longer dominated by speculative retail investors but by institutional arbitrage funds positioning themselves around the difference between the current price and the final compensation amount.

BioNTech has confirmed it will execute a squeeze-out procedure in January 2026. This action will compel the remaining minority shareholders, who hold the residual 13.25% of shares, to relinquish their holdings in exchange for either a cash settlement or stock-based compensation.

Key Data Points:

• Current Share Price: $4.31 USD
• Deal Status: Acquisition effectively closed (as of Dec. 18)
• Shares Secured by BioNTech: ~86.75%
• Approximate Market Capitalization: $957 million USD
• Next Critical Event: Squeeze-out execution (January 2026)

CureVac shares no longer represent a bet on future vaccine breakthroughs. The equity has become a pure liquidation play. With the squeeze-out scheduled for next month and the subsequent delisting, the stock will permanently disappear from the ticker. Investors still holding the shares in their portfolios are now awaiting the formal implementation of the mandatory redemption process in January.