Why BioNTech Shares Are Falling Today

Shares of BioNTech (NASDAQ: BNTX) were falling 7.3% as of 11:24 a.m. EDT on Tuesday. The German biotech didn't announce any news. The most likely reason behind the decline was that Sanofi (NASDAQ: SNY) is expanding its collaboration with Translate Bio (NASDAQ: TBIO) to develop messenger RNA (mRNA) vaccines. The new deal between the two companies could be worth up to $1.9 billion.

The expansion of the relationship between Sanofi and Translate Bio underscores the increased competition that is emerging in the arena of mRNA vaccines. Moderna is also developing mRNA vaccines, including a highly publicized COVID-19 vaccine.

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Source Fool.com