Announced in a press release this evening, Sinovac Life Sciences has secured around US$500 million in funding to grow, expand capability and produce its COVID-19 vaccine candidate, CoronaVac. Sino Biopharmaceutical Limited has invested approximately $500 million in China's leading creative pharmaceutical research and development-driven conglomerate through its affiliates.
“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,” The President, President and CEO of Sinovac, Mr. Weidong Yin said. “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.”
Prior to the investment announced today, Advantech Capital and Vivo Capital each exercised their right to turn their convertible loan previously announced by the Company on May 22, 2020 into 7.5% of Sinovac LS's total equity interest, which now represents approximately 6.3% of Sinovac LS's shareholding after the investment.
In Brazil, Indonesia, Turkey and Chile, phase III clinical trials for CoronaVac have been authorised. In China, phase I/II studies have been performed with findings indicating that for more than 90 percent of participants who obtained two doses of vaccination in both adults and the elderly, the vaccine candidate will cause neutralizing antibodies. Lancet Infectious Diseases released the findings of the Company's phase I/II clinical trial on stable adults 18-59 years of age on November 17, 2020.
Sinovac plans to be able to deliver 300 million doses each year and intends to finish the building of a second production plant by the end of 2020 in order to raise CoronaVac's annual production potential to 600 million doses. The organization could aim to further expand its production potential in the future, based on market conditions and the availability of financing.