Sinovac, one of several Chinese companies developing Covid-19 vaccines, said it has raised $500m in funding to expand manufacturing of its CoronaVac candidate.
Sino Biopharmaceutical will invest the funds into Sinovac’s vaccine research subsidiary Sinovac Life Sciences to expand production capacity of the jab.
“In addition to funding the CoronaVac, this new strategic partnership with Sino Biopharmaceutical 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,” said Yin Weidong, chief executive of Sinovac.
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