The independent chapter for one of Germany’s most prominent biotech names has officially closed. CureVac, the Tübingen-based mRNA pioneer, has ceased trading as a public company following its complete acquisition by rival BioNTech from Mainz. The Nasdaq delisting marks the end of an era, shifting investor focus to the future of CureVac’s technology and research sites under its new owner.
Acquisition Terms and Final Delisting
BioNTech moved swiftly to finalize the takeover. The exchange offer concluded on December 18, 2025, with BioNTech securing approximately 86.75% of CureVac’s outstanding shares. The total deal value reached about $1.25 billion, implying a valuation of $5.46 per CureVac share at the time of the announcement. The agreed exchange ratio was set at 0.05363 BioNTech American Depositary Receipts (ADRs) for each share of CureVac.
Formal settlement occurred in January 2026. The corporate reorganization was executed on January 6, transferring full ownership of CureVac’s operational business to BioNTech. The official withdrawal from the Nasdaq, known as delisting, took effect on January 16, 2026. Minority shareholders who did not accept the initial offer were bought out under a squeeze-out procedure at identical terms, though this process involved an effective Dutch withholding tax of 3.01%.
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Integration and Strategic Rationale
For BioNTech, the acquisition is a strategic move to bolster its core technology platform. Company statements indicate that CureVac’s resources will be channeled into three key areas: mRNA design, formulation strategies, and production capabilities. This integration is expected to accelerate BioNTech’s oncology pipeline, which includes candidates for mRNA-based cancer immunotherapies and the jointly developed antibody BNT327 with Bristol Myers Squibb.
Organizational changes were immediate. The entire management board of CureVac SE resigned and was replaced by BioNTech leadership. While operational processes remain intact temporarily to ensure business continuity, work is underway in the background to analyze the full integration.
The market anticipates more concrete details regarding the integration roadmap by the end of February 2026. BioNTech is expected to provide an update on the progress and the specific future of the Tübingen locations when it presents its fourth-quarter 2025 financial results. Investors seeking exposure to this combined technology must now look solely to the performance of BioNTech’s stock.
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