BioNTech SE (NASDAQ: BNTX) announced the authorization of a new share repurchase program allowing the company to buy back up to $1 billion worth of American Depositary Shares through May 6, 2027.

The German biopharmaceutical company stated it will use existing cash resources to fund the program. Each ADS represents one ordinary share of the company. BioNTech plans to use repurchased shares to satisfy business obligations and enhance capital efficiency while maintaining financial flexibility.

The timing and amount of repurchases will depend on market conditions, with purchases made in open market transactions. The program operates under Rule 10b-18 and Rule 10b5-1 safe harbor provisions of the Securities Exchange Act of 1934.

"We are confident in the Company's long-term growth prospects, and this share repurchase program is consistent with our capital allocation strategy and our commitment to sustainable value creation for our shareholders," said Ramón Zapata, Chief Financial Officer at BioNTech.

BioNTech stated the program supports its objective to become a multi-product company by 2030. The company develops cancer treatments and other therapies, with partnerships including Bristol Myers Squibb, Genentech, and Pfizer.