BioNTech Announces Major Site Closures Amid Executive Departures

BioNTech is planning site closures affecting up to 1,860 jobs and will buy back $1 billion in shares after announcing the departure of its co-founders. Production of its COVID-19 vaccine will be transferred to Pfizer, with site operations in Germany and Singapore closing by 2027.

In a significant restructuring move, Germany's BioNTech announced plans for site closures that could impact up to 1,860 jobs. The changes come on the heels of the announcement that two of its co-founders are departing.

BioNTech will transfer production of its COVID-19 vaccine to partner Pfizer this year, leading to the closure of facilities in Idar-Oberstein, Marburg, and Tuebingen in Germany, as well as in Singapore, by 2027.

The company plans to explore divestment options and anticipates cost savings of about 500 million euros annually by 2029. BioNTech will also repurchase up to $1 billion in shares over the next year amid a reported first-quarter net loss.