CureVac Shareholders Transition to BioNTech Following Acquisition Finalization

The independent trading of CureVac shares has now concluded. The company's delisting from the Nasdaq Global Market is complete following its full acquisition by BioNTech SE and a subsequent corporate reorganization. Existing CureVac equity is no longer available as a standalone security, with former shareholders' interests now represented indirectly through BioNTech.

BioNTech's takeover, which valued CureVac's equity at approximately $1.25 billion, has been finalized. The operational entity has been merged into a new legal structure, CureVac Merger B.V., which now holds all business activities. Prior to the trading suspension, CureVac's final share price stood at about $4.66.

Key details of the transaction include:
* Shares Tendered: 195,341,219 CureVac shares, representing 86.75% of the share capital.
* Delisting Effective Date: January 16, 2026.
* Exchange Ratio: 0.05363 BioNTech American Depositary Shares (ADS) for each CureVac share.

With BioNTech holding 100% of CureVac's operations, the continuation of an independent public listing was rendered impossible.

Strategic Rationale for the Merger

This acquisition provides BioNTech with significant assets from CureVac's portfolio, enhancing its strategic position. Secured competencies include proprietary mRNA development and design technology, specialized knowledge in formulation and drug delivery, additional manufacturing capacity, and clinical development projects. The latter encompasses several oncology programs currently in Phase 1 trials.

The strategic value of combining these mRNA technology platforms was highlighted by Goldman Sachs, which subsequently upgraded BioNTech to a "Buy" rating following the transaction's completion.

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

Implications for Remaining Minority Holders

A squeeze-out process was executed to compensate remaining minority shareholders, who received the same consideration as those who tendered their shares during the offer period. The compensation is, however, subject to Dutch withholding tax.

The tax treatment for international investors is as follows:
* Statutory Withholding Tax Rate: 15%
* Effective Applied Rate: 3.01%

The lower effective rate results from the recognized capital base within the transaction's fiscal structure. Former shareholders seeking a refund must submit their request via email to a specified address provided by BioNTech no later than January 27, 2026.

Next Steps for Former CureVac Investors

The path forward for investors is clear: the CureVac share as a distinct security has ceased to exist. Any future value generated from the former CureVac platform will be reflected solely in BioNTech's financial performance and share price.

Operationally, this means:
* Custodian banks will automatically convert any remaining minority holdings into BioNTech shares.
* No action is required from investors to facilitate this technical conversion.
* Updates on the integrated pipeline's progress will now be communicated exclusively through BioNTech's quarterly and annual reports.

BioNTech is scheduled to release its Q4 2025 financial results in late February 2026. These reports are expected to contain initial details regarding the integration status of CureVac's assets and underlying technology platforms.