China

Sinovac Biotech Receives $ 515 Million To Increase Production Of Covid-19 Vaccine

Summary

Sinovac Biotech Receives $ 515 Million To Increase Production Of Covid-19 Vaccine China’s Sinovac Biotech has secured $ 515 million in funding to double its production capacity for its coronavirus vaccine. The company expects data on the effectiveness of an […]

Sinovac Biotech Receives $ 515 Million To Increase Production Of Covid-19 Vaccine

China’s Sinovac Biotech has secured $ 515 million in funding to double its production capacity for its coronavirus vaccine. The company expects data on the effectiveness of an experimental drug this month.

The investment deal also comes as Sinovac expands supply and testing of its project. «CoronaVac» with a large number of countries following positive results from early to medium clinical trials.

Sino Biopharmaceutical Limited said its business unit will invest $ 515 million in Sinovac Life Sciences, a subsidiary of Sinovac, to help develop and manufacture a promising vaccine.

The investment will give Sino Biopharmaceutical 15.03% of Sinovac Life Sciences, the company said in a statement on the Hong Kong Stock Exchange..

Sinovac said it could produce 300 million doses of vaccine annually and intend to complete construction of a second facility by the end of this year to double its annual vaccine production capacity..

Sinovac Biotech Receives $ 515 Million To Increase Production Of Covid-19 Vaccine

Depending on market conditions and availability of funding, the company may continue to strive to further expand production.

Sinovac has already supplied CoronaVacs to several countries including Indonesia, Turkey, Brazil and Chile, and is in talks with the Philippines.

It is also one of three experimental COVID-19 vaccines China is using to vaccinate about 1 million people as part of its emergency program..

The Brazilian Biomedical Center of the Butantan Institute, which is conducting its third phase of CoronaVac trials in the country, said last week that Sinovac is expected to release the results of its vaccine trials by December 15..