China’s Sinovac Receives $500m to Fund Promising Vaccine

SINOVAC Life Sciences have received over $500 million from Sino Biopharmaceutical to develop, manufacture, and expand the capacity of its promising Covid-19 vaccine.

This follows the Chinese company’s claims of successful trials with 90% of volunteers producing neutralising anti-bodies after taking vaccine trials in Brazil, Chile, Indonesia, and Turkey. Sinovac currently have the capacity to produce 300m doses annually, and are in the process of constructing a second production facility that could double this output rate.

The company’s CEO Weidong Yin said that Sinovac has ‘made significant progress in the development of our Covid-19 vaccine candidate CoronaVac, which has reached milestones in clinical trials in Asia and South America’. He said the new extra funding ‘enables us to improve our vaccine sales capabilities, expand in Asian markets, develop and access new technologies’ and most importantly ‘accelerate our efforts to help combat the global pandemic.’

Several major pharma companies, including Pfizer and AstraZeneca, are now competing to secure the most sales of their extremely lucrative Covid-19 vaccines.

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Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...