CureVac’s Final Chapter: BioNTech Consolidates Control in Landmark Acquisition

The operational control of Tübingen-based biotech firm CureVac has formally passed to its Mainz rival, BioNTech. This transition follows the conclusion of the tender offer period in mid-December, effectively marking the end of independence for one of Germany's pioneering mRNA companies. The acquisition, valued at $1.25 billion or approximately $5.46 per share, seals the fate of the formerly standalone entity.

To fully grasp the transaction's rationale, one must consider the events leading up to it. In a significant move during July 2024, CureVac licensed a major portion of its business to GSK. That agreement covered key vaccine candidates for influenza and COVID-19, netting CureVac an upfront payment of €400 million and granting GSK exclusive worldwide rights to those programs. CureVac retained only future milestone payments and royalty claims.

Consequently, the assets acquired by BioNTech consist primarily of CureVac's core technology platform and its oncology research pipeline. This gives BioNTech access to CureVac's proprietary mRNA printing technology and its manufacturing facilities in Tübingen, while strategically avoiding overlap with the infectious disease programs now licensed to GSK. The underlying strategy appears clear: BioNTech aims to accelerate its own cancer vaccine development and solidify its dominance within the German mRNA sector. Market confidence in this logic is reflected in BioNTech's recent share price of €92.50.

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

Leadership Shift and Impending Delisting

A complete management overhaul has accompanied the takeover. CureVac's former executive board members have resigned, with three BioNTech managers now installed in their place. For the remaining minority shareholders, who hold approximately 13.25% of the shares, the final step is scheduled for January 2026: a squeeze-out. Immediately following this compulsory acquisition of the outstanding shares, the CureVac stock (ISIN: NL0015436031) will be delisted from public trading.

A Defined Integration Timeline

The clock is ticking for CureVac's investors. With the squeeze-out set for completion in January 2026, the subsequent delisting will proceed without delay. BioNTech plans to immediately begin integrating the Tübingen production sites into its global supply chain, moving swiftly to capitalize on the newly acquired technological capabilities.