MAINZ (Germany), May 5 (Bernama-dpa) -- German vaccine maker BioNTech, which rose to global prominence for its Covid-19 vaccine developed with Pfizer, plans to shut several production sites, affecting up to 1,860 jobs, reported German Press Agency (dpa).
The Mainz-based company said on Tuesday that the cuts are due to overcapacity and cost-cutting measures.
Within Germany, sites in Idar-Oberstein, Marburg and Tübingen are set to close by the end of 2027, while a facility in Singapore is expected to shut in the first quarter of next year.
The biopharmaceutical company expects to achieve annual savings of up to €500 million (US$580 million) once the measures have been fully implemented in 2029.
The funds are to be used for the research, development and market launch of cancer drugs.
The announcement came after BioNTech reported a decline in revenue in the first quarter, from €182.8 million (US$214 million) last year to €118.1 million (US$138 million), primarily due to lower sales of Covid-19 vaccines.
-- BERNAMA-dpa
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