The Chinese company has already made deals to supply CoronaVac inoculation to countries like Indonesia and Turkey.
Chinese company Sinovac Biotech has secured $ 515 million in funding to double the production capacity of its coronavirus vaccine, he said Monday, with efficacy data on its investigational drug expected this month .
China’s Sino Biopharmaceutical investment comes as Sinovac expands supply contracts and trials for its investigational COVID-19 CoronaVac vaccine with more countries following positive results in early to mid-stage clinical trials.
Sino Biopharmaceutical’s investment will give it a 15.03% stake in Sinovac Life Sciences, a subsidiary of Sinovac, to help develop and produce CoronaVac, he said in a filing on the Hong Stock Exchange. Kong.
Sinovac said in a separate statement that it would be able to manufacture 300 million doses of vaccine per year and intends to complete the construction of a second production facility by the end of 2020 to increase the annual production capacity of COVID-19 vaccines at 600 million doses.
Depending on market conditions and the availability of financing, it could try to further expand its production capacity, Sinovac said.
Sinovac has entered into supply agreements with CoronaVac with several countries, including Indonesia, Turkey, Brazil and Chile, and is in talks with the Philippines for a potential sale.
CoronaVac is one of three experimental COVID-19 vaccines that China is using to inoculate about one million people under an emergency use program.
Brazil’s Butantan Institute, which is leading a Phase 3 trial of CoronaVac in the country, said last week that Sinovac was due to release the efficacy results of its vaccine trials by December 15.