The independent journey of German biotech firm CureVac is concluding. Following its acquisition by competitor BioNTech, the company’s shares are in their final days of trading, with a mandatory delisting scheduled for January 2026. This move consolidates the pioneering mRNA sector under BioNTech’s leadership and marks the end of a 25-year story for the Tübingen-based entity.
Strategic Rationale Behind the Merger
From a strategic standpoint, the acquisition delivers clear benefits to BioNTech. The Mainz-based company bolsters its oncology research pipeline by integrating CureVac’s experimental treatments, which include candidates targeting lung cancer and glioblastomas. Furthermore, BioNTech gains access to over €400 million in liquid assets that were on CureVac’s balance sheet at the end of September 2025. The deal represents a significant consolidation within Germany’s biotechnology landscape.
Transaction Completion and Leadership Shift
BioNTech formally completed the takeover on December 18, 2025. Shareholder approval was decisive, with 86.75% of CureVac’s equity holders agreeing to the share-exchange transaction. Investors who tendered their shares received BioNTech stock in return. The corporate integration is already underway, including a full management overhaul. BioNTech’s CEO, Ugur Sahin, has assumed leadership, while CureVac’s former executive board members have resigned.
The Squeeze-Out Timeline for Remaining Shareholders
Attention now turns to the minority shareholders who still hold approximately 13.25% of the company. BioNTech will execute a squeeze-out procedure in January 2026, forcibly acquiring the remaining outstanding shares. Subsequently, CureVac’s stock will be permanently delisted from the Nasdaq and other exchanges.
Should investors sell immediately? Or is it worth buying CureVac?
Market analysts note that continuing to hold the shares poses potential tax disadvantages. Investors who receive BioNTech stock as part of the compulsory settlement will typically be subject to a 15% Dutch withholding tax. This fiscal implication is contributing to persistent selling pressure and a lack of interest from new investors.
Share Price Reflects the Inevitable
The stock’s price action mirrors this definitive outcome. Shares listlessly hovered around €3.48 at Tuesday’s market close. With the exchange ratio for the acquisition fixed and no prospect of an independent future, the equity has lost all speculative momentum.
As the new year begins, CureVac’s tenure as a publicly traded, standalone company concludes. Investors retaining positions are advised to carefully assess the tax consequences and view the January squeeze-out deadline as final.
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