A China-based biopharmaceutical product provider, Sinovac Life Sciences, announced securing US$ 500 million funding for the development of Covid-19 vaccine on 7th December 2020. The funding round was led by a leading innovative R & D driven biopharmaceutical corporation of China, Sino biopharmaceutical.
The investment will be utilized for the development, manufacturing and capacity expansion of the Covid-19 vaccine candidate of Sinovac biotech, CoronaVac. They also intend to use the funding for conducting other operational and development activities. The phase III clinical trials for the candidate vaccine, CoronaVac has been approved in the countries Turkey, Indonesia, Chile and Brazil. The phase I and II trials were conducted in China which showed the vaccine candidate can effectively induce the neutralizing antibodies in more than 90% of the volunteers which received two doses of the vaccination in both elderly and adults. The results of the first and second phase trial on the healthy adults between the age of 18 to 59 years was published on the global authoritative forum lancet infectious diseases on November 17th, 2020.
Sinovac Biotech expects to manufacture around 300 million vaccine doses in a year and have the aim of completing the construction of a second production facility by the end of 2020 which will increase the annual production capacity to 600 million doses of the vaccine.
The chairman CEO and President of Sinovac, Mr. Weidong Yin said, “We have made remarkable growth in the covid-19 vaccine candidate development CoronaVac and it has reached an imperative milestone in the clinical trials in Latin America and Asia. With addition to the investment for CoronaVac, this strategic partnership with Sino biopharmaceutical will enable us to improve our vaccine sale capabilities, develop and access new technologies, accelerate our efforts to help in combating the global pandemic and expand in Asian markets.”
About Sinovac Biotech
Formerly known as Sinovac Research And Development Co Ltd., Sinovac Life Sciences Co. Ltd. is a subsidiary of Sinovac founded in 2001 by Weidong Yin. The China based biopharmaceutical company is focused on research, development commercialization and manufacturing of the vaccines which help and protect against human infectious diseases like seasonal influenza, H5N1 Pandemic Influenza or the Avian flu, H1N1 flu or the swine flu, mumps, Hepatitis A and B etc. The company was the first global company which received approval for its swine flu vaccine, Panflu and has manufactured it for Chinese Central Government under the Government Stockpiling Program in 2009. It is also involved in developing many of the combo vaccines. The company has been granted with 12 patents in the domain of vaccine technologies in China.
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