Sinovac secures $500 million in funding for COVID-19 vaccine development

China's Sinovac Biotech said on Monday that it had secured approximately $500 million in funding for COVID-19 vaccine development.

In a statement on its website, the company said it expects to be able to manufacture 300 million vaccine doses annually, and that it aims to complete construction of a second production facility by the end of 2020 to increase annual COVID-19 vaccine production capacity to 600 million doses.

Sinovac said the investor is Sino Biopharmaceutical Ltd.

Also read: COVID-19 vaccine: WHO aims to distribute 500 million doses via COVAX scheme in 2021