CureVac’s Final Chapter as a Public Company

The curtain is falling on CureVac's independent story on the stock exchange. Years of speculation regarding potential partnerships and buyouts have culminated in a definitive outcome: BioNTech has assumed control in a move that is now irreversible. For remaining shareholders, the narrative has shifted entirely from seeking share price catalysts to navigating the mechanics of a corporate wind-down.

From a strategic standpoint, BioNTech's acquisition aims to integrate CureVac's proprietary mRNA design and manufacturing platform with its established oncology pipeline. Industry observers view this as a logical consolidation of complementary technologies and development capacities. However, this long-term industrial logic holds diminishing relevance for CureVac's equity itself. The company's autonomy as a listed entity has effectively concluded, and its previous investment thesis has run its course.

Investors still holding the stock now find themselves in a transitional phase, awaiting a final settlement. The focus has moved decisively toward the legally and procedurally mandated steps of the squeeze-out and subsequent delisting, rather than any fundamental company performance.

A Concluded Takeover and Clear Path Forward

The takeover process is formally complete. According to corporate announcements, BioNTech's exchange offer for all outstanding CureVac shares ended on December 18, 2025. The result was unambiguous: BioNTech secured approximately 86.75% of the outstanding stock.

Holding this commanding majority enables the Mainz-based firm to proceed immediately with the full integration of CureVac. The market is already valuing the shares under the assumption of a certain delisting. This is evident in the trading patterns: the takeover premium that once existed has largely evaporated, and trading volume has noticeably declined.

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

The share price currently stands at €3.47, marking a decline of roughly 28% from its 52-week high in June. This is a clear signal that the takeover scenario is fully priced in, with little speculative potential remaining in the stock.

The Endgame: Squeeze-Out, Delisting, and New Management

With its majority stake secured, BioNTech's roadmap for the coming weeks is clearly defined. The company has announced its intention to buy out the remaining minority shareholders through a squeeze-out procedure. The completion of this mandatory offer is scheduled for January 2026.

For investors, this translates into several concrete outcomes:

• Impending Delisting: Following the offer period and subsequent structural measures, CureVac's shares will be removed from public exchanges.
• Mandatory Settlement: Any shares still held by minority investors will be transferred to BioNTech by operation of law or regulatory order as part of the squeeze-out.
• Leadership Transition: The organizational integration is already underway. Former CureVac executives have resigned, and BioNTech managers have been appointed to CureVac's board.
• Dwindling Liquidity: Liquidity in the stock is expected to dry up almost completely in the near term, bringing practical trading to a standstill.

Share Price Trajectory Reflects the New Reality

This new phase is reflected in a quiet, almost static share price performance on the exchange. The stock shows minimal reaction to news and trades tightly around the level implied by the takeover terms. Recently, it even touched a new 12-month low, driven primarily by the exit of institutional investors and the expiration of the exchange offer.