BioNTech Buys a Plant to Manufacture Its Coronavirus Vaccine
BioNTech (NASDAQ: BNTX) and Pfizer (NYSE: PFE) haven't even released phase 3 clinical trial data for their coronavirus vaccine, BNT162b2, but BioNTech is already preparing to ramp up production next year through the acquisition of a manufacturing plant from Novartis (NYSE: NVS). BioNTech and Novartis didn't disclose the financial terms of the transaction.
The manufacturing plant, which is located in Marburg, Germany, can produce up to 750 million doses per year. BioNTech plans to take ownership in the fourth quarter of 2020. It will take some time to convert the plant to producing BNT162b2.
Nevertheless, the biotech has an ambitious goal of having the plant up and running quickly enough so that the company can produce 250 million doses of BNT162b2 in the first half of 2021. BioNTech noted that the quick transition is possible since the plant has "well-established biotechnology drug substance and drug product manufacturing equipment as well as an experienced team."
Source Fool.com
