CureVac’s Market Exit: A New Chapter Under BioNTech’s Banner

The independent journey of CureVac as a publicly traded company has concluded. Following its acquisition by fellow German biotech firm BioNTech, CureVac's shares have been delisted from the Nasdaq exchange, and its former ticker symbol "CVAC" has been retired. For investors, any future economic potential from CureVac's assets is now entirely tied to the performance of BioNTech's stock.

The transaction was finalized in early January. On January 6, CureVac N.V. was merged into CureVac Merger B.V., with BioNTech becoming the sole owner of the operational business. The key financial details of the acquisition included:

• Shares Tendered: Approximately 195.3 million CureVac shares, representing about 86.75% of the outstanding capital.
• Transaction Value: BioNTech American Depositary Shares (ADS) valued at roughly €1.25 billion.
• Final Trading Price: CureVac stock last traded at around $4.66 per share.
• Delisting Effective Date: January 16, 2026.
• Squeeze-Out: Remaining minority shareholders were subject to a mandatory cash settlement in January 2026.

With the completion of these structural measures, CureVac's standalone stock listing has been terminated.

Trading Halted and Regulatory Obligations Concluded

Trading of CureVac shares on the Nasdaq Global Market was suspended prior to market open on January 6, 2026. Subsequently, CureVac filed a Form 25 with the U.S. Securities and Exchange Commission (SEC) to initiate the formal delisting and deregistration of its shares.

The company also submitted a Form 15, which terminates its reporting obligations to the SEC. The full deregistration is set to become effective 90 days after the filing date.

Implications for Former Shareholders

For previous investors, the investment chapter is closed. All CureVac shares were either exchanged for BioNTech stock according to the offer terms or settled for cash through the squeeze-out procedure. Publicly held CureVac securities no longer exist.

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

Consolidating mRNA Leadership

This acquisition unites two pioneering German mRNA companies under one corporate structure. BioNTech gains significant assets, including:

• CureVac's proprietary mRNA design and delivery technologies.
• The "RNA Printer" platform for manufacturing and development.
• Oncology programs, such as CVGBM for glioblastoma treatment.
• Production capabilities at the Tübingen site.
• A full resolution of all prior patent disputes between the two entities.

This consolidation is expected to significantly bolster BioNTech's technology foundation and project portfolio, particularly within cancer research.

Analyst Upgrade Reflects Strategic Value

The market response following the delisting included a notable analyst revision. On January 17, 2026, Goldman Sachs upgraded its rating for BioNTech stock to "Buy." The firm cited the strengthened oncology pipeline and the strategic value derived from combining the mRNA platforms as primary reasons for the more optimistic outlook.

Integration and Future Value Creation

All former CureVac assets have been fully integrated into BioNTech's operations, encompassing both intellectual property and technology platforms. BioNTech's CEO, Prof. Ugur Sahin, now leads the executive board of CureVac SE alongside Sierk Poetting and Ramón Zapata-Gomez.

BioNTech anticipates that this integration will accelerate the development of novel cancer immunotherapies—a field where the two companies were previously competitors. Management plans to complete strategic and scientific analyses to define the future organizational structure and combined project portfolio.

For the investment community, this means any future economic impact from CureVac's technologies and programs will be reflected exclusively in the share price movement of BioNTech. This includes the oncology strategy centered on the antibody candidate pumitamig (BNT327/BMS986545), developed in collaboration with Bristol Myers Squibb, which simultaneously targets PD-L1 and VEGF-A.