China's Sinovac secures $500 million in funding for COVID-19 vaccine development

SHANGHAI (Reuters) - China's Sinovac Biotech said on Monday that it had secured approximately $500 million in funding for COVID-19 vaccine development. In a statement on its website, the company said 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.

Reuters December 07, 2020 06:05:10 IST
China's Sinovac secures $500 million in funding for COVID-19 vaccine development

COVID-19 vaccine development" src="https://images.firstpost.com/wp-content/uploads/reuters/12-2020/07/2020-12-06T233722Z_1_LYNXMPEGB50M6_RTROPTP_2_HEALTH-CORONAVIRUS-BRAZIL-SINOVAC.jpg" alt="Chinas Sinovac secures 500 million in funding for COVID19 vaccine development" width="300" height="225" />

SHANGHAI (Reuters) - China's Sinovac Biotech said on Monday that it had secured approximately $500 million in funding for COVID-19 vaccine development.

In a statement on its website, the company said 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.

Sinovac said the investor is Sino Biopharmaceutical Ltd.

(Reporting by Andrew Galbraith; Editing by Sam Holmes)

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

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