BioNTech Secures CureVac Acquisition, Finalizes European mRNA Leadership

The period of uncertainty is over. BioNTech SE has formally concluded its acquisition of rival firm CureVac NV, cementing a merger between two of Germany's pioneering mRNA technology companies. Investor attention now shifts decisively from deal speculation to the practical challenges of integrating the two entities.

Following the expiration of the additional acceptance period on December 18, 2025, the outcome is clear. BioNTech has secured full control, with approximately 195 million CureVac shares tendered. This figure represents roughly 86.75% of the Tübingen-based company's share capital.

The high acceptance rate provides a clear shareholder mandate for the transaction. Management states that all conditions are now satisfied to structurally unite the businesses. The strategic aim is to consolidate resources and accelerate the combined development pipeline—especially in cancer immunotherapies and infectious diseases—by leveraging complementary technologies and manufacturing capabilities.

Strategic Consolidation Amid Cautious Market Reaction

This move strategically extends BioNTech's dominant position within the European biotechnology sector while removing a direct competitor. However, the market's reaction to the clarified situation has been muted. Shares closed at €79.00 on Friday, trading near the 52-week low of €78.00.

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

A year-to-date decline of nearly 30% indicates that market participants are currently weighting the execution risks and integration costs more heavily than the long-term strategic opportunities. While the successful tender offer removes deal-related uncertainty, the market now awaits tangible operational results.

Timeline for Integration and Delisting

With the exchange offer successfully completed, BioNTech enters the final phase of the takeover. The schedule for the remaining steps is tightly sequenced:

• Immediate Commencement: The operational consolidation of technology platforms and assets begins without delay.
• January 2026: Execution of a "squeeze-out" procedure. Remaining minority shareholders will be compelled to sell their holdings for a cash compensation.
• Delisting: Following the squeeze-out, CureVac's stock listing will be terminated.

January 2026 will mark the definitive formal conclusion of this transaction. The planned squeeze-out ends CureVac's independence permanently, leaving BioNTech as the sole overarching entity of this German mRNA alliance.