CureVac Shareholders Face Final Chapter as BioNTech Consolidates Control

A decisive shift in the European biotech landscape is now complete. BioNTech has successfully acquired a controlling stake in CureVac, marking the end of the Tübingen-based vaccine developer's run as an independent company. For remaining shareholders, however, urgent action is required to navigate a looming tax complication.

BioNTech confirmed this Wednesday that it has secured tenders for over 81% of CureVac's shares. This surpasses the critical minimum acceptance threshold, paving the way for full integration. The move represents one of the most significant post-pandemic consolidations within the biotechnology sector. By absorbing its rival, BioNTech not only eliminates competition but also gains valuable patents and technology platforms, assets that have previously been central to legal disputes between the firms.

A Critical Tax Deadline for Investors

Shareholders still holding CureVac stock must now pay close attention to a narrow timeline. While a subsequent offering period remains open until December 18, 2025, this window is crucial. Company management has issued a clear warning: missing this deadline will result in shares being caught in a compulsory acquisition process.

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

The financial risk is substantial. Investors who relinquish their shares later through this forced procedure face potential tax disadvantages. Specifically, a 15% Dutch withholding tax could be applied to the proceeds. Conversely, those who exchange their equity within the current two-week period can typically avoid this deduction.

The Inevitable Path to Delisting

Financial markets have long priced in the loss of CureVac's independence. The share price, currently static at around €4.37, simply reflects the fixed exchange ratio and the deal's finality. Certainty has replaced volatility.

The countdown to a stock market exit is now irreversible. As index funds and institutional investors are likely to tender their holdings en masse to sidestep the tax issue, the stock's liquidity is expected to evaporate rapidly. For private investors, the message is to review the terms and act decisively before CureVac shares disappear from the public board entirely.