China's Sino Biopharmaceutical invests $515 million in Sinovac to boost vaccine production

SHANGHAI (Reuters) - China's Sino Biopharmaceutical Limited said on Monday it would invest $515 million in Sinovac Biotech, which Sinovac said would help it to double its COVID-19 vaccine production capacity. The investment will give Sino Biopharmaceutical a 15.03% interest in Sinovac, Sino Biopharmaceutical said in a statement on the website of the Hong Kong Stock Exchange.

Reuters December 07, 2020 06:05:18 IST
China's Sino Biopharmaceutical invests $515 million in Sinovac to boost vaccine production

Chinas Sino Biopharmaceutical invests 515 million in Sinovac to boost vaccine production

SHANGHAI (Reuters) - China's Sino Biopharmaceutical Limited said on Monday it would invest $515 million in Sinovac Biotech, which Sinovac said would help it to double its COVID-19 vaccine production capacity.

The investment will give Sino Biopharmaceutical a 15.03% interest in Sinovac, Sino Biopharmaceutical said in a statement on the website of the Hong Kong Stock Exchange.

Sinovac said in a statement on its website that it expects to be able to manufacture 300 million vaccine doses annually, and that it aims to complete construction of a second production facility by the end of 2020 to increase annual COVID-19 vaccine production capacity to 600 million doses.

(Reporting by Andrew Galbraith; Editing by Sam Holmes)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

U.S. economy suffers job losses as COVID-19 ravages restaurants, bars
Business

U.S. economy suffers job losses as COVID-19 ravages restaurants, bars

By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy shed jobs for the first time in eight months in December as the country buckled under an onslaught of COVID-19 infections, suggesting a significant loss of momentum that could temporarily disrupt the recovery from the pandemic

Stimulus hopes push global equity markets to new records, bonds hit 11-month lows
Business

Stimulus hopes push global equity markets to new records, bonds hit 11-month lows

By David Randall NEW YORK (Reuters) - A global equities rally pushed Japan's Nikkei and U.S. stock benchmarks to new records on Friday while safe havens such as Treasuries and gold sold off as investors looked past political unrest in the United States and focused on further stimulus to mend the economic damage of the coronavirus pandemic.

'Failure at the top:' After U.S. Capitol stormed, security chiefs out
World

'Failure at the top:' After U.S. Capitol stormed, security chiefs out

By Jonathan Landay, Patricia Zengerle and David Morgan WASHINGTON (Reuters) - The chief of the U.S. Capitol Police will resign, according to media reports on Thursday, a day after the federal force charged with protecting Congress was unable to keep supporters of Republican President Donald Trump from storming the building. House of Representatives Speaker Nancy Pelosi had called on Capitol Police Chief Steven Sund to step down after officers in the 2,000-member force fell back as crowds advanced on Wednesday