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China: COVID-19 Vaccine Maker Receives $500 Million Boost

by on December 7, 2020
 

By Onwuka Gerald

A Chinese pharmaceutical firm, Sinovac Biotech has on Monday secured half a billion dollars as extra funding to help make available its COVID-19 vaccine.

According to official figures,
Beijing has to a great extent brought the virus under containment, as there is only 281 active cases still receiving treatment.

It has however promised to make its vaccines ready as a global public good, as it seeks to counter international denunciation for its early handling of the pandemic.

Sino Biopharmaceutical Limited, a Hong Kong-listed medical research firm, announced on Monday that it will commit $515 million for the development and production of CoronaVac, one of Sinovac’s most progressive COVID-19 vaccine.

Sinovac, which is one of China’s leading vaccine producers confirmed that the finance would be implemented for further development, capacity expansion of the CoronaVac.

Continuing, it said it hoped to be able to produce 600 million doses before the year ends.

Also, Sino Biopharmaceutical will receive a 15 percent share in a Sinovac subsidiary.

Vaccine regulators are however, yet to okay China’s vaccines for mass distribution and usage.

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