Sinovac Biotech of China has secured $ 515 million in financing from a local company.
Chinese company Synovac Biotech has secured $ 515 million in funding from a local company to double the production capacity of its coronavirus vaccine, the companies said on Monday, as they expect efficacy data for his experimental shooting this month.
The investment deal also comes as Synovac extends supply agreements and trials for its investigational COVID-19 Coronavac vaccine, with positive results ranging from early to mid-stage clinical trials.
China Biopharmaceutical Limited of China said Monday that $ 515 million will be invested in Synovac’s subsidiary, Synovac Life Sciences, to help develop and produce Coronavac.
The investment will give Sino Biopharmaceutical a 15.03% stake in Synovac Life Sciences, China Biopharmaceutical said in a filing on the Hong Kong Stock Exchange.
Synovac said in a separate statement that it would be able to manufacture 300 million doses of vaccine per year and intends to complete construction of a second production facility by the end of 2020 to increase the annual production capacity of COVID-19 vaccine at 600 million doses. .
Synovac said that depending on market conditions and the availability of financing, it may look to expand its production capacity.
Synovac has signed Coronavac supply agreements with several countries including Indonesia, Turkey, Brazil and Chile and is in talks with the Philippines for a possible sale.
Coronavac is also one of three experimental COVID-19 vaccines that China is using to vaccinate around 1 million people under an emergency use program.
The biomedical center of the Butainen Institute in Brazil, which is leading a phase 3 trial of Coronavac in the country, said last week that Synovac was due to publish the efficacy results of its vaccine trials by December 15.
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