Sinovac Biotech raises $515Mn to accelerate COVID-19 vaccine production
Category: #health  By Saipriya Iyer  Date: 2020-12-07
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Sinovac Biotech raises $515Mn to accelerate COVID-19 vaccine production

Sinovac Biotech Ltd., the Chinese biopharmaceutical firm that focuses on the research and development of vaccines, has reportedly secured USD 515 million in funding from Sino Biopharmaceutical to double the production capacity of its COVID-19 vaccine. 

The investment agreement comes as Sinovac expands supply deals and clinical trials of its experimental vaccine named ‘CoronaVac’ with more nations following positive outcomes from early to mid-stage clinical trials. The company expects efficiency data of its experimental medicine this month.

According to sources familiar with the knowledge of the matter, Sino Biopharmaceutical’s investment in Sinovac Life Sciences, a fully-owned subsidiary of Sinovac, to accelerate the production of CoronaVac will provide it with a 15.03 percent interest in Sinovac Life Sciences.

Sinovac said in the statement that the company can manufacture around 300 million vaccine doses annually with the aim to finish the construction of a 2nd production facility by 2020 to increase this capacity to 600 million doses. The company is also planning to further expand its production capacity, however, it is subject to market conditions and availability of financing.

For the record, Sinovac Biotech has already secured ‘CoronaVac’ supply deals with numerous nations including Brazil, Turkey, Indonesia, and Chile, and is holding talks with the Philippines for a potential sale. CoronaVac is one of three experimental vaccines the nation has been using to immunize over one million people under an emergency use authorization program.

Meanwhile, the UK is planning to become the first nation to introduce the Pfizer-BioNTech COVID-19 vaccine, primarily making the doses available at hospitals before allocating stocks to other points of care. The Government of UK ordered 40 million does- enough to vaccinate 20 million people out of the nation’s total population of 67 million.

Source Credit - https://www.zeebiz.com/companies/news-sinovac-secures-515-million-to-boost-covid-19-vaccine-production-143004



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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