BioNTech to close Germany and Singapore sites after sale fails

Investing.com -- BioNTech said Monday it will shut down manufacturing facilities in Germany and Singapore after failing to secure buyers for the sites as the company shifts away from pandemic-era production.

The German vaccine maker stated that a comprehensive sales process did not result in completed transactions for the locations.

"Despite the best efforts of all those involved and a wide-ranging sales process, it has unfortunately not been possible to finalise a sale," a company spokesperson said.

BioNTech announced in May its plans to find purchasers for its German facilities in Idar-Oberstein, Marburg and Tuebingen, along with its Singapore location, or proceed with closing them.

The restructuring affects up to 1,860 positions and forms part of the company's transfer of COVID-19 vaccine production to its partner Pfizer.

BioNTech said in March that its two co-founders would depart by the end of this year to launch a new venture.

You May Also Be Interested In

• Bloom Energy shares fall on Oracle project halt
• Silver Elephant Shareholders Pass All Resolutions at Annual Shareholder Meeting
• Volkswagen deepens Gotion partnership, sells 5.3% stake