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The company has received $500 million in funding from Sino Biopharmaceutical for further development, capacity expansion, and manufacturing of CoronaVac, its COVID-19 vaccine candidate.
Sinovac Biotech, a biopharmaceutical products provider in China, announced on Dec. 7, 2020 that it has received $500 million in funding from Sino Biopharmaceutical, a research and development company, for further development, capacity expansion, and manufacturing of CoronaVac, its COVID-19 vaccine candidate.
Through the agreement, Sinovac plans to manufacture 300 million doses of the vaccine annually and will aim to complete the construction of a second production facility by the end of 2020 to allow for the manufacturing of 600 million does, Sinovac said in a company press release.
“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 Weidong Yin, chairman, president, and CEO of Sinovac, in the company press release. “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.”