BioNTech Plans To Set Up Singapore Based mRNA Plant By End Of 2023

BioNTech SE BNTX said that its first mRNA manufacturing facility in Singapore will be operational in late 2023, with the facility also serving as the German company's regional headquarters.
BioNTech has agreed to acquire a plant located in Tuas Biomedical Park, which is currently owned by Novartis AG NVS. Deal terms were not disclosed.
The acquisition is part of BioNTech's expansion strategy to strengthen its footprint in Asia and will be its first such facility in the region. BioNTech has offices in Singapore and Shanghai.
Related: BioNTech Posts About 50% Drop In Q3 Sales and Profits Amid Falling Demand For COVID-19 Shots.
BioNTech will retrofit the facility with its mRNA production capabilities.
It is expected to have a production capacity of up to several hundred million doses of mRNA-based vaccines after a full build-out, BioNTech said.
It is also expected to create more than 100 jobs by 2024 in Singapore in areas such as operations, engineering, quality, finance, human resources, and supply chain management. Recruitment for these positions has started.
Dr. Sierk Poetting, chief operating officer of BioNTech, said: "Having multiple nodes in our production network is a strategic step towards building our global capabilities."
Price Action: BNTX shares closed at $154.51 on Friday.