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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.

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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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