CureVac to Be Delisted Following BioNTech Acquisition

The public trading chapter for CureVac is drawing to a definitive close. The formal removal of its shares from the Nasdaq exchange is now imminent, following the company's acquisition by fellow German biotech firm BioNTech. With trading having effectively ceased, the value for remaining shareholders is now solely determined by the merger agreement's stipulated terms.

At the core of this $1.25 billion consolidation is a share exchange. Investors are set to receive 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share they hold. This valuation represented a significant premium to CureVac's volume-weighted average share price prior to the deal's announcement, offering a structured exit for investors after a prolonged period of weak performance following its pandemic-era highs.

The operational integration is already complete, with CureVac's activities now focused on leveraging its mRNA platform to accelerate BioNTech's oncology pipeline under a realigned leadership.

Key Dates and the Squeeze-Out Process

The transaction was formally completed on January 6, triggering a series of administrative steps. CureVac requested a trading suspension and filed a Form 25 with the U.S. Securities and Exchange Commission (SEC) to deregister its shares.

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

The final delisting is scheduled to take effect on January 16, 2026. From that point, there will be no independent market pricing for CureVac stock; its value is contractually fixed by the merger terms.

For remaining minority shareholders, critical deadlines have passed:
* December 18, 2025: This date marked the expiry of the voluntary tender offer period at 12:01 Eastern Time. It was the final opportunity for shareholders to voluntarily surrender their shares under the standard offer conditions.
* Squeeze-out Procedure: BioNTech is now executing a compulsory acquisition, or squeeze-out, of the remaining minority holders. Shareholders who did not tender their shares by the deadline will be compensated "by operation of law." The financial compensation is typically economically equivalent to the tender offer, but follows a separate administrative process handled through depository banks and custodians, with timing that can vary.

Implications for Former Shareholders

The delisting concludes a period of uncertainty regarding the legal framework and patent disputes between the two entities, which were resolved as part of the acquisition. It also consolidates the competitive landscape, strengthening BioNTech's position in mRNA-related intellectual property.

For most former CureVac investors, the path forward is clear: those who accepted the exchange offer now hold BioNTech ADS and will participate in that entity's future performance. Holders of remaining, non-tendered CureVac shares must await the completion of the squeeze-out process for the final settlement of their positions.