Sinovac raises USD 500 million funding for COVID-19 Vaccine Development
Beijing: Sinovac Biotech Ltd. has recently announced that Sinovac Life Sciences Co., Ltd., a subsidiary of Sinovac, has secured approximately US$500 million in funding for further development, capacity expansion and manufacturing of the CoronaVac, its COVID-19 vaccine candidate, as well as conduct other development and operational activities.
The investor, Sino Biopharmaceutical Limited, an innovative research and development driven pharmaceutical conglomerate in China, through affiliates, has invested approximately US$500 million in exchange for approximately 15% of the total equity interest of Sinovac LS.
"We have made significant progress in the development of our COVID-19 vaccine candidate CoronaVac, which has reached critical milestones in clinical trials in Asia and Latin America," said Mr. Weidong Yin, Chairman, President and CEO of Sinovac. "In addition to funding the CoronaVac, this new strategic partnership with Sino Biopharmaceutical Limited further enables us to improve our vaccine sales capabilities, expand in Asia markets, develop and access new technologies, and most importantly, accelerate our efforts to help combat the global pandemic."
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