BioNTech Closes Plants, Cuts 1,860 Jobs

BioNTech Restructures Operations, Affecting 1,860 Jobs BioNTech announced on Tuesday the closure of several sites in Germany and Singapore, impacting up to 1,860 jobs, as it transfers COVID-19 vaccine production to partner Pfizer. The German biotechnology company also revealed plans for a share buyback program worth up to $1 billion and increased cost-cutting measures, while reaffirming its research and development budget.

The closures, affecting facilities in Idar-Oberstein, Marburg, Tuebingen, Germany, and Singapore, are scheduled to be completed by the end of 2027 for German sites and during the first quarter of 2027 for Singapore. This strategic shisources follows a first-quarter net loss of 532 million euros, compared to a 416 million euro loss in the prior-year period. BioNTech's shares declined by 6.1% following these announcements.

The restructuring aligns with BioNTech's pivot away from pandemic-era manufacturing and precedes the departure of co-founders Ugur Sahin and Oezlem Tuereci by the end of 2026, who plan to pursue new ventures. The company aims to achieve approximately 500 million euros in annual savings by 2029 through intensified cost-cutting efforts. BioNTech held 16.7 billion euros in cash and financial securities as of March 31.