Each therapy will feature a mixture of synthetic messenger RNAs (mRNAs).
BioNTech will receive $60m in upfront and near-term milestone payments. The company could also receive more than $300m in development, regulatory and commercial milestones and other payments per product.
BioNTech would also be eligible for tiered royalties on net sales up to double digits if the treatments are successfully commercialized.
The company has the option to co-develop and co-commercialize two of the five mRNA therapeutics products with Sanofi in the European Union and the US.
BioNTech will combine the use of its mRNA technology platform with its capabilities in developing immune-stimulating pharmaceuticals.
It will use its mRNA formulation technology, which allows targeted mRNA delivery in vivo, for generating novel cancer immunotherapies.
BioNTech will also supply part of the mRNA material required for development activities from its GMP manufacturing unit.
Sanofi president for global R&D Elias Zerhouni said: "Immunotherapy has shown promise as an avenue to develop potentially curative treatments for people with cancer, and Sanofi has strategically launched a number of inter-company collaborations in this area in recent months.
"Our collaboration with BioNTech has the potential to lay the foundation for a unique therapeutic modality in immuno-oncology."