CureVac’s Independent Trading Journey Concludes with BioNTech Acquisition

The final chapter for CureVac NV as a publicly traded entity has now been written. The company's imminent integration into BioNTech SE is irreversible following the expiration of the acceptance period last Thursday, setting the stage for the remaining minority shareholders to exit.

BioNTech has successfully assumed full control. The critical tender offer results reveal that shareholders tendered approximately 195.3 million CureVac shares by the December 18 deadline. This figure represents 86.75 percent of the company's outstanding share capital, comfortably surpassing the thresholds required for BioNTech to consolidate its authority.

In a move that underscores the transaction's completion, CureVac's executive board has resigned and been replaced by management from BioNTech. The technical integration is now considered final.

Key Transaction Details:

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

• Shares Tendered: ~195.3 million (86.75%)
• Exchange Ratio: 0.05363 BioNTech American Depositary Shares (ADS) per CureVac share
• Next Phase: Compulsory acquisition (squeeze-out) scheduled for January 2026
• Outcome: Delisting from the NASDAQ exchange is imminent

Path to Delisting and Squeeze-Out

A clear timeline is now in place for the remaining 13.25 percent of shares held in public float. BioNTech will initiate a squeeze-out procedure, a mandatory acquisition of these minority holdings, which is slated for January 2026.

CureVac's current share price, hovering around €3.51, is no longer influenced by operational developments such as clinical trial results or pipeline updates. Its valuation is now solely a function of the finalized takeover terms and the anticipated compensation from the forthcoming squeeze-out.

Trading liquidity is expected to diminish further as the free float has contracted dramatically. For current investors, the process is now purely administrative, focused on the technical settlement ahead of the stock's eventual delisting. While CureVac will continue operating its "RNA Printer" platform as a BioNTech subsidiary, its story as an independent capital markets vehicle has effectively reached its conclusion.