BioNTech Founders to Launch New mRNA Research Firm, Sparking Market Reaction

In a surprising move, BioNTech co-founders Uğur Şahin and Özlem Türeci announced plans to step down from their leadership roles at the conclude of 2026 to establish a new company focused on next-generation mRNA technology. The announcement, made on March 10th, sent ripples through the market, causing BioNTech’s stock price to fall by approximately 22% on the day of the news, compounded by disappointing fourth-quarter 2025 performance and lower-than-expected 2026 sales forecasts.

A Return to Pioneering Research

This decision marks a shift for the founders, who led BioNTech to global prominence through the development of a COVID-19 vaccine in partnership with Pfizer. BioNTech, currently valued with approximately €17.2 billion (roughly $29.2 trillion won) in cash, cash equivalents, and marketable securities as of the end of 2025, has been operating at a net loss of €1.14 billion (approximately $1.9 trillion won) while investing heavily in research and development. Şahin and Türeci explained that as BioNTech focuses on late-stage clinical development and commercialization, opportunities for early-stage research have diminished.

“We are ready to develop into pioneers again,” they stated in a joint announcement. The new company will concentrate on early mRNA-based drug research, prior to human trials. BioNTech is considering transferring certain mRNA-related rights and technology to the new venture, while retaining a minority stake and performance-based compensation. The founders intend to maintain approximately 15% ownership in BioNTech, suggesting a separation of roles rather than a complete departure.

The Evolving Role of a Biotech Founder

This transition highlights the changing role of a startup founder as a company matures. The biotechnology sector often experiences increased organizational complexity and slower decision-making as it progresses through later stages of clinical trials, regulatory processes, production, and commercialization. This venture represents the founders’ third startup, having previously co-founded Ganymed Pharmaceuticals in 2001, which was later sold to Astellas for $460 million (approximately 670 billion won). BioNTech was founded in 2008.

Challenges and Opportunities for BioNTech

The departure of the founders has raised concerns among investors. Markus Manns, a fund manager at Union Investment, described the news as “very bad news that leaves a lot of questions,” suggesting BioNTech is “losing its heart and mind.” Leerink Partners acknowledged the transition as a “logical procedure” but questioned BioNTech’s ability to replicate its success without its founders’ direct involvement.

BioNTech is actively seeking a new CEO with experience in late-stage clinical development and commercialization. The company is currently conducting 15 phase 3 oncology clinical trials and aims to become a commercial biopharmaceutical company with multiple products by 2030. A recent strategic partnership with Bristol Myers Squibb (BMS), valued at up to $11.1 billion (approximately ₩16 trillion), underscores BioNTech’s shift towards a platform company model focused on managing capital, clinical trials, and business development.

The Importance of the Pipeline in Biotech

In the biotechnology industry, a company’s value is largely determined by its pipeline of drug candidates under development, rather than existing assets like factories. Developing a new drug is a lengthy and expensive process, often taking over a decade and costing billions of dollars. Investors focus on the potential future sales of drugs in clinical trials. BioNTech’s current priority is to expand its anticancer drug pipeline to reduce its reliance on the COVID-19 vaccine.

A Boost for the European Startup Ecosystem

This case is also significant for the European, particularly the German, startup ecosystem. Europe has historically been strong in basic science but has struggled to translate research into large-scale companies. BioNTech’s success story, originating in Mainz, Germany, demonstrates a rare instance of a science-based startup achieving global impact and transitioning to anticancer drug development. The founders’ decision to launch a new company could foster a cycle of innovation within the ecosystem.

The move is also understandable in the context of mRNA technology. While the COVID-19 vaccine demonstrated the commercial viability of mRNA, significant opportunities remain in areas such as next-generation cancer treatment, personalized immunotherapy, and expanding applications to non-infectious diseases. The new company will focus on these early-stage explorations.

Key Takeaways

• BioNTech founders Uğur Şahin and Özlem Türeci are launching a new company focused on early-stage mRNA research.
• The move is expected to shift BioNTech’s focus towards late-stage clinical development and commercialization.
• The founders will retain a significant stake in BioNTech and continue to play a role in its strategic direction.
• This transition highlights the evolving role of founders as companies grow and mature.
• The decision could have positive implications for the European startup ecosystem.