CureVac’s Final Trading Day Marks End of Independent Era

The curtain is falling on CureVac's quarter-century as a publicly traded entity. This Monday, January 5, 2026, represents the last opportunity for investors to trade the biotech firm's shares on the open market. Following the close of business, its competitor BioNTech will assume full control, integrating the former rival into its operations and concluding a significant chapter for the Tübingen-based company.

This transition follows BioNTech's successful tender offer, which concluded in December 2025 and saw approximately 86.75% of CureVac's shares tendered. For the remaining stake of just over 13%, BioNTech is now initiating a squeeze-out procedure to compulsorily acquire the minority holdings. The overarching transaction was initially valued at around $1.25 billion.

Nasdaq has confirmed the delisting schedule: regular trading ceases at the end of the session today. After the post-market close around 7:50 PM US Eastern Time, the listing will be permanently suspended. The formal merger is slated for completion before the market opens tomorrow.

Tax Implications for Remaining Shareholders

Under the squeeze-out terms, remaining CureVac shareholders will receive 0.05363 BioNTech American Depositary Shares (ADS) for each of their shares. This exchange ratio is based on BioNTech's volume-weighted average share price from November 2025.

A crucial distinction exists for those who did not participate in the voluntary offer period. Investors who receive shares through the compulsory process face potential tax disadvantages, specifically a 15% Dutch withholding tax on the booked shares. This levy did not apply to participants in the original tender offer.

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New Leadership and Integrated Assets

The acquisition grants BioNTech access to key CureVac technologies. These include the "RNA Printer" platform for mRNA production and promising oncology candidates targeting cancers such as glioblastoma and lung cancer. CureVac's Tübingen production facility also changes hands.

Concurrent with the takeover, a complete management overhaul occurred. CureVac's entire executive board resigned collectively. Leadership of the new legal entity, CureVac SE, now falls directly to BioNTech CEO Prof. Ugur Sahin. Furthermore, a protracted patent dispute was settled, netting CureVac and its partner GSK a total of $740 million plus future royalty payments.

Final Trading and Investor Action

CureVac shares concluded trading last Friday at a price of $4.67. With the exchange ratio now fixed, the stock currently functions almost exclusively as an arbitrage instrument, its price moving in direct correlation with BioNTech's share value.

Investors still holding CureVac equity who wish to avoid the automatic conversion and its associated potential tax consequences must act today. Once trading ends, all remaining positions will be automatically transferred into the squeeze-out settlement process, irrevocably closing the book on CureVac as an independent listed company.