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China’s Sinovac gets $500M funding for Covid-19 vaccine

Sinovac Life Sciences Co. has secured about $500 million in funds from Sino Biopharmaceutical for the manufacturing of corona vaccine.

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Sinovac Life Sciences Co. has secured about $500 million in funds from Sino Biopharmaceutical for the manufacturing of corona vaccine.

“We have made significant progress in the development of our COVID-19 vaccine candidate CoronaVac, which has reached critical milestones in clinical trials in Asia and Latin America,” said Weidong Yin, Chairman, the president and CEO of Sinovac.

Sinovacis a subsidiary company of Sinovac Biotech Ltd. It is considered one of the leading provider of biopharmaceutical products in China.

Sinovac will manufacture 300 million doses annually. Moreover, it aims to complete the construction of a second production facility by the end of 2020 to increase the annual production capacity of CoronaVac to 600 million doses. Depending on market conditions and the availability of financing, the company may seek to further expand its production capacity in the future, according to the statement.

China has also announced a collaboration with other countries in the distribution of the vaccine, especially developing countries.

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