BioNTech, once celebrated for its COVID-19 vaccines, is grappling with falling demand, restructuring and the departure of its founders. Can its ambitious cancer trials turn it from a one-hit wonder into a biotech giant?
Six years ago, an almost unknown German pharmaceutical firm developed the first approved mRNA COVID-19 vaccine and changed the course of a global pandemic.
BioNTech, which had spent over a decade developing mRNA for cancer with little commercial interest, partnered with Pfizer to roll out its Comirnaty coronavirus vaccine in record time, propelling the company and its founders to global fame.
Today, however, the Mainz-based biotech firm is facing a harsh reckoning.
The firm announced Tuesday it was closing production sites in Germany and Singapore, cutting costs after a €532 million ($627 million) net quarterly loss and bracing for the departure of its visionary founders, Ugur Sahin and Özlem Türeci. Overall, around 1,860 jobs are expected to be on the line.
