CureVac’s Final Chapter: BioNTech Acquisition Concludes Equity Story

The independent journey of CureVac as a publicly traded company has reached its conclusion. Following the finalization of its acquisition by rival BioNTech SE, the operational business is now wholly under BioNTech's control. For remaining shareholders, the process is now a technical matter of winding down the stock's listing.

BioNTech secured 100% ownership of CureVac's core operations earlier this week. The remaining freely tradable shares now represent mere legal shells, pending their formal cancellation.

The immediate market consequences are clear and multifaceted. Trading liquidity for CureVac shares has diminished rapidly. In a coordinated move, options on the stock have been delisted from the Nasdaq, a standard procedure when the underlying equity is absorbed via acquisition. Concurrently, the Vienna Stock Exchange marked its final trading day for CureVac securities yesterday, closing a key exit avenue for European retail investors.

In the preceding sessions, the share price had already converged tightly with the acquisition terms, trading with little volatility around $4.66. This price point reflects the valuation methodology agreed upon in the transaction, which places an aggregate value of approximately $1.25 billion on CureVac.

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

Sector Consolidation and Shareholder Implications

This takeover signals a significant consolidation within the mRNA biotechnology sector. By integrating its direct German competitor, BioNTech strengthens its competitive stance against firms like Moderna. The strategic benefits for BioNTech are substantial, encompassing CureVac's extensive patent library, additional manufacturing capabilities, and the resolution of prior intellectual property disputes.

For long-term investors, this outcome closes a chapter of extreme volatility. During the pandemic, CureVac was at times a market darling, with its shares peaking above $150 in late 2020. However, the firm was unable to independently bring a COVID-19 vaccine to market successfully, later pivoting its focus toward oncology and other infectious diseases. Given the capital-intensive nature of its research environment, the completed sale emerges as a logical strategic choice. While the final valuation sits far below the pandemic-era highs, it provides a clearly defined exit rather than an uncertain future as a standalone entity.

Regulatory Finale and Formal Delisting

The transaction is now in its final regulatory phase. CureVac has submitted the required Form 25 to the U.S. Securities and Exchange Commission (SEC), initiating the formal withdrawal from the Nasdaq Global Market. The delisting is scheduled to become effective on January 16.

Subsequently, CureVac intends to file a Form 15 to terminate its securities registration and cease all U.S. reporting obligations. Former shareholders who tendered their shares as part of the offer will receive the agreed consideration in BioNTech stock and/or cash. Any remaining, non-tendered shares will be subject to compulsory redemption mechanisms under Dutch law. With these steps, the CureVac equity narrative is effectively at an end.