BioNTech marked highlights in its COVID-19 vaccine journey alongside its long-term partner,
Pfizer. The duo has been developing an Omicron KP.2-adapted vaccine set for EU approval, despite a setback in their COVID-flu combined shot. They've also sought to adapt the vaccine to the Omicron JN.1 variant. In a parallel development, they faced a patent dispute by
Moderna, and a lawsuit by the University of Pennsylvania seeking full
royalty payments for the vaccines.
Primarily known for its work in vaccines, BioNTech also attempts to penetrate oncology, initiating global trials of mRNA-based lung cancer vaccine with mixed responses from the
FDA. Despite the FDA putting a clinical hold on a cancer drug trial, investment in new cancer products continues.
Strengthened by capital resources like a recent
$145 million funding for African vaccine plants, BioNTech eyes a shift towards cancer drugs after its Q2 losses from falling COVID-19 vaccine demand. The company’s financial performance, while hit by the abating COVID-19 demand, is set on finding stability in cancer therapy discoveries, such as a drug that met primary endpoint in Phase 2 trial, amongst other achievements. Still, the road to recovery from its losses might be bumpy.
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