China’s Sinovac Biotech has secured $515 million in funding from a local firm to double production capacity of its coronavirus vaccine, the companies said on Monday, as it expects efficacy data of its experimental shot this month, reported Reuters.
The investment deal also comes as Sinovac expands supply deals and trials of its experimental COVID-19 vaccine CoronaVac with more countries following positive results from early to mid-stage clinical trials, said Reuters.
China’s Sino Biopharmaceutical Limited said on Monday a business unit will invest the $515 million in Sinovac Life Sciences, a subsidiary of Sinovac, to help development and production of CoronaVac.
Sinovac said in a separate statement that it would be able to manufacture 300 million vaccine doses annually and aims to complete construction of a second production facility by the end of 2020 to increase annual COVID-19 vaccine