BioNTech Signs an Agreement with Wuxi for $20 Million to Develop New Antibodies

BioNTech adds new allies. The German biotechnology company has reached an agreement with WuXi Biologics to develop research projects that discover new monoclonal antibodies. BioNTech will make an initial payment of twenty million dollars to retain the exclusive rights to these drugs.

Chris Chen, CEO of WuXi Biologics, said: “We are excited to support BioNTech’s growing innovative portfolio with antibodies discovered through our leading integrated discovery platforms.” The manager added that “the agreement reinforces our ability to provide technological platforms for global partners to develop new modalities of medicines.”

Wuxi Biologics is a Hong Kong-listed company. The company offers comprehensive solutions to empower organizations to discover, develop and manufacture biologics from concept to commercial manufacturing. The company has more than 12,000 employees spread across China, the United States, Ireland, Germany and Singapore.

Read more about the partnership between BioNTech and Wuxi and find the most important financial news of the day with our companion app Born2Invest , available for free for both Android and iOS devices.

A week ago BioNTech presented its billing forecasts for 2024, with the aim of reaching €3 billion

A week ago, BioNTech presented its billing forecasts for 2024, with the aim of reaching €3 billion. The figure represents a significant decrease in value compared to the previous year, which is a consequence of lower billing from the sale of vaccines against Covid-19. As for the current year, the biotechnology company has assured that it will focus on continuing to develop cancer therapies.

Against this background, last October BioNTech announced a provision of €900 million as a result of the deterioration of its inventory following the drop in demand for the vaccine made in alliance with Pfizer. The German company noted in a statement that “Pfizer has reported that the majority of cancellations refer to raw materials, mainly lipids related to the formulation, acquired during the pandemic, as well as doses of the Covid-19 vaccine adapted to other variants.”

In fact, this circumstance is affecting the entire sector. In September 2023, Moderna announced that it would reduce the production of coronavirus vaccines to adapt to lower demand and be able to achieve the expected gross margin growth, a goal that involved taking it from 75% to 80%. As a consequence of this situation, the American biotechnology company recorded losses of $1.3 billion in the first half of last year, compared to the profits of $5.85 billion reported in the same period a year ago.

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(Featured image by Marek Studzinsky via Unsplash)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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