The deal comes as Sinovac expands supply deals and trials of its experimental COVID-19 vaccine CoronaVac with more countries
China’s Sinovac Biotech has secured $515 million in funding from a local firm to double production capacity of its coronavirus vaccine, the companies said on Monday, as it expects efficacy data of its experimental shot this month.
The investment deal also comes as Sinovac expands supply deals and trials of its experimental COVID-19 vaccine CoronaVac with more countries following positive results from early to mid-stage clinical trials.
China’s Sino Biopharmaceutical Limited said on Monday a business unit will invest $515 million in Sinovac Life Sciences, a subsidiary of Sinovac, to help development and production of CoronaVac.
The investment will give Sino Biopharmaceutical a 15.03% interest in Sinovac Life Sciences, Sino Biopharmaceutical said in a filing to the Hong Kong Stock Exchange.
Sinovac said in a separate statement that it would be able to manufacture 300 million vaccine doses annually and aims to complete construction of a second production facility by the end of 2020 to increase annual COVID-19 vaccine production capacity to 600 million doses.
Depending on market conditions and the availability of financing, it may seek to further expand its production capacity, Sinovac said.
Sinovac has secured CoronaVac supply deals with several countries including Indonesia, Turkey, Brazil and Chile, and is holding talks with the Philippines for a potential sale.
CoronaVac is also one of three experimental COVID-19 vaccines China has been using to inoculate around 1 million people under an emergency use programme.
Brazil’s Butantan Institute biomedical centre, which is running a Phase 3 trial of CoronaVac in the country, said last week that Sinovac was expected to publish efficacy results from its vaccine trials by Dec. 15.
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.