"BioNTech" Announces Start of Development of Updated Vaccine for Variants in 2027

SadaNews - The German company BioNTech is preparing to manufacture vaccines for the 2026/2027 season by developing an updated vaccine that fits the new variants.

The company announced on Tuesday its intention to close several production sites in Germany and Singapore by 2027. It expects to achieve a repeated cost reduction of approximately 500 million euros by 2029, with these savings directed towards research, development, and the introduction of cancer treatment drugs into the market.

BioNTech achieved record profits during the COVID-19 pandemic thanks to its vaccine and is currently working on developing RNA-based drugs for cancer and other diseases, according to the German news agency (dpa).

The company has also recently acquired "CureVac," based in Tübingen, and plans to submit several licensing applications for new tumor treatments by 2030.

BioNTech expects a further decline in COVID-19 vaccine revenues this year in both the European and American markets.

BioNTech clarified that the decision to close production sites will overall affect up to 1860 jobs. It attributed this move to the underutilization of production capacity, the existence of excess capabilities, and the need to reduce costs.

The closure plan includes production sites in Idar-Oberstein, Marburg, and Tübingen in Germany, in addition to its plant in Singapore.

The sites in Germany are set to close by the end of 2027, while production operations at the Singapore plant are expected to cease in the first quarter of that year, with plans to partially or completely sell it.