BioNTech is slashing its workforce by nearly a quarter and closing manufacturing sites in Germany and Singapore as the German biotech pivots toward commercializing its cancer therapies. The company said Tuesday it would exit operations at some plants acquired through its CureVac takeover, affecting 1,860 positions.

The cuts represent a major restructuring for the company, which employed roughly 7,800 people at the end of last year. BioNTech gained fame during the pandemic for its Covid-19 vaccine developed with Pfizer, but now aims to redirect resources toward its oncology pipeline as demand for Covid vaccines has declined.

The restructuring comes as biotech companies face pressure to demonstrate a path to profitability beyond pandemic-related revenue. BioNTech's cancer therapies remain in development, and the company needs to conserve cash while bringing new treatments through expensive late-stage trials and regulatory approvals.