Fosun Pharma announced it would set up a Shanghai facility to co-produce a Covid-19 vaccine developed by BioNTech SE for the China market, reported Caixin.
Announcement of the Shanghai facility marks the latest step in a partnership formed by Fosun and BioNTech early in the pandemic, with an aim of bringing the German company’s innovative and highly effective mRNA vaccine technology to China.
Under the latest development in their tie-up, Fosun and BioNTech will set up a $200 million 50-50 joint venture in Shanghai that will initially produce the latter’s mRNA-based Covid-19 vaccine for sale in China, according to a Fosun announcement on Sunday. Fosun will contribute funds to build the high-tech facility for the drug’s production, while BioNTech will provide the intellectual property in the form of its Covid-19 vaccine co-developed with US drug giant Pfizer.