CureVac’s Public Market Journey Concludes Following BioNTech Acquisition

The publicly traded chapter for CureVac has officially closed. The company's shares have ceased trading, marking the end of its standalone presence on the stock market. This final step follows the completion of its acquisition by fellow German biotech firm BioNTech SE, which has led to the delisting of CureVac's stock from the Nasdaq exchange. For former shareholders, a critical administrative deadline now looms.

CureVac is now fully integrated into BioNTech following the finalized takeover. The company has transitioned into a new legal entity named CureVac Merger B.V., operationally and legally embedded within the BioNTech corporate structure. As a direct consequence, trading in CureVac shares on the Nasdaq Global Market was formally suspended.

The delisting application became effective on January 16, halting all market activity in the stock. Its final trading price was approximately $4.66. Subsequent clearing services have also been terminated; for instance, Russia’s National Settlement Depository ceased settlement operations for the shares on January 21.

Key Transaction Terms

The acquisition, valued at an equity worth of around $1.25 billion, was executed under specific terms that are now being implemented.

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

• Tender Offer Acceptance: About 86.75% of the share capital, equating to 195,341,219 shares, was tendered by shareholders accepting the offer.
• Exchange Ratio: Remaining shareholders who did not tender their shares will receive BioNTech American Depositary Shares (ADS) at a ratio of 0.05363 ADS for each CureVac share they held.
• Future Performance: Any future economic value generated from CureVac's former assets and pipeline will now be reflected solely in BioNTech's share price.

A Tight Deadline for Former Shareholders

A crucial procedural step remains for former CureVac investors. In connection with the transaction, a process has been established to apply for a potential tax refund. Eligible shareholders must submit their claim via email to a contact address designated by BioNTech.

The window for filing these claims is exceptionally narrow, with a submission deadline of January 27. Investors seeking a refund must therefore act promptly to meet this cutoff.

Research Pipeline Continues Under New Ownership

CureVac's research and development programs will proceed within the broader BioNTech organization. This includes several ongoing oncology projects that remain in active development.

One example is a Phase 1 clinical trial for non-small cell lung cancer, which continues as planned. Any potential future value creation from these therapeutic candidates will henceforth contribute exclusively to BioNTech's valuation, concluding CureVac's independent story on the public markets.