CureVac’s Public Market Journey Concludes Following BioNTech Acquisition

A significant chapter in German biotechnology has closed. CureVac, after a quarter-century as an independent, publicly traded entity, has been formally acquired by its rival BioNTech. This transaction, finalized in late 2025, stands as one of the year's largest mergers within the nation's life sciences sector, leaving remaining minority shareholders to navigate a new reality.

BioNTech's public exchange offer concluded on December 18, successfully securing approximately 86.75% of CureVac's outstanding shares. This decisive majority stake was obtained entirely through a share-for-share swap. The agreed exchange ratio saw CureVac shareholders receive 0.05363 BioNTech shares for each CureVac share they held, valuing the target company at roughly $1.25 billion. The strategic aim is the consolidation of Germany's two pioneering mRNA firms under a single corporate umbrella.

Immediate Market Consequences and Index Removal

The high acceptance rate of the offer triggered immediate changes to CureVac's stock market status. As the publicly traded free float plummeted below the 15% threshold, automatic delisting rules were activated. On December 24, index provider Solactive removed CureVac from several benchmarks, including the Global Vaccines and Infectious Diseases Index. Concurrently, NASDAQ suspended trading in the stock, initiating a formal delisting process. For those shareholders who did not tender their shares, any future dividends received via BioNTech American Depositary Shares (ADS) will be subject to a 15% Dutch withholding tax at source.

The Path to a Full Squeeze-Out

For the minority of investors still holding CureVac equity, a compulsory buyout is now inevitable. BioNTech has formally announced its intention to acquire all remaining shares through a squeeze-out procedure. The established timeline schedules this mandatory transfer of shares for January 2026. Following this legal acquisition of all residual stock, CureVac will undergo a final delisting from all trading venues, marking its complete disappearance from public markets.

Final Independent Financial Results

CureVac's last standalone quarterly report, for Q3 2025, revealed a sharp contraction in revenue. Income fell to €54.1 million, representing a dramatic 89% decline from the €493.9 million recorded in the same period the previous year. This steep drop was primarily attributed to the absence of a one-time licensing payment. In Q3 2024, the company had booked a singular €480.4 million payment stemming from a new agreement with GSK.

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

Despite the revenue collapse, CureVac posted a net profit of €273.2 million for the quarter. This result was powered by substantial settlement and licensing adjustments, including:
* A $370 million payment from a settlement agreement with BioNTech, Pfizer, and GSK.
* An additional $50 million from the first amendment to the GSK license agreement.

The company's basic earnings per share came in at €1.21, down from €1.51 a year earlier, with diluted EPS at €1.21 (prior year: €1.50). As of September 30, CureVac's liquidity position remained robust at €416.1 million, a reserve theoretically sufficient to fund operations into 2028 and which provided a solid financial buffer during the takeover.

A Major Patent Settlement

A key value driver preceding the acquisition was the resolution of a wide-ranging patent dispute related to COVID-19 vaccines. In August 2025, CureVac and GSK reached a global settlement with Pfizer and BioNTech concerning multiple vaccine patents. The agreement, with a total value of $740 million, centered on mRNA-related intellectual property claims for COVID-19 vaccines. This settlement underscored the significant worth of CureVac's patent portfolio, which now transfers entirely to BioNTech's ownership.

Integration and Future Focus

Looking ahead, CureVac's manufacturing facility in Tübingen will be integrated into BioNTech's global production network. The combined entity plans to concentrate its efforts on advancing next-generation mRNA immunotherapies and vaccines, with a clear strategic emphasis on oncology. The merger unites complementary mRNA technology platforms, consolidates research and development capabilities, and significantly strengthens BioNTech's overall mRNA manufacturing infrastructure.

Thus, the conclusion of CureVac's 25-year story on the stock exchange simultaneously signals the starting point for its full assimilation into the BioNTech group. From early 2026 onward, its technology, patents, and sites will operate wholly within the larger organization, free from the complexities of a remaining public float.