Sino Biopharma to Acquire Stake in China's Covid-19 Vaccine Maker

 Sino Biopharmaceutical Ltd. has agreed to acquire a 15.03% stake in Covid-19 vaccine developer Sinovac Life Sciences Co. for US$515 million.

Sinovac has made significant progress in the development of its Covid-19 vaccine CoronaVac, making it one of the few enterprises in China that has developed and produced a vaccine by itself, Sino Biopharma said Monday.

"The board believes that the capital contribution will introduce a key strategic partner to the group and expects that both parties will join efforts to expand the partnership in further improving vaccine sales capability, expansion to overseas markets as well as development for new technologies," it said.

Sino Biopharma said that Sinovac's phase III clinical trials have also been approved in Brazil, Indonesia, Turkey and Chile and that the company currently has received orders from various countries.

The stake purchase will be funded by the internal resources of Sino Biopharma.

Sinovac LS is principally engaged in the business of research and development of vaccines for human use.

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