BioNTech to close Germany, Singapore sites after failed sale process
BioNTech is shutting manufacturing sites in Germany and Singapore as it continues to scale back pandemic-era production capacity. The move follows an unsuccessful effort to find buyers for the facilities and is tied to the transfer of COVID-19 vaccine production to partner Pfizer.
Highlights
- BioNTech will close sites in Idar-Oberstein, Marburg, Tuebingen, and Singapore after failing to secure buyers despite extensive marketing.
- The restructuring, which impacts up to 1,860 jobs, reflects BioNTech's production transfer of its COVID-19 vaccine to Pfizer amid declining pandemic demand.
- BioNTech agreed with its works council on socially responsible measures and supplementary redundancy terms for affected employees as part of the site closures.
Site closures follow unsuccessful divestment effort
As reported by Reuters, BioNTech said on Monday that it is closing sites in Idar-Oberstein, Marburg and Tuebingen in Germany, along with its Singapore location, after a sales process failed to produce buyers.A company spokesperson said it had not been possible to finalise a sale despite broad efforts to market the assets. The spokesperson added that BioNTech has agreed with the works council on socially responsible measures and supplementary redundancy terms for affected employees.
Restructuring extends post-pandemic manufacturing shift
BioNTech said in May that it would seek buyers for the sites or otherwise wind them down. The restructuring affects up to 1,860 jobs and forms part of a production transfer of its COVID-19 vaccine to Pfizer.The biotech group, which developed one of the Western world's most widely used COVID-19 shots during the pandemic, is reshaping operations as demand linked to the health crisis recedes. In March, the company also said its two co-founders would leave by the end of this year to start a new venture.
Willowglen’s proposed disposal of its core operating subsidiaries was previously covered by our publication, alongside an RM108 million long-term contract won through its Singapore unit. We noted that the near nine-year deal added revenue visibility ahead of a shareholder vote on the planned sale and came as the group reassessed its structure amid softer earnings. The article also highlighted how the company’s cash position could support flexibility as it reshapes its post-transaction business profile.
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