BEIJING – A unit of a Chinese giant Shanghai Fosun Pharmaceutical has agreed a US$200 million (RM800 million) joint venture with Germany’s BioNTech to make coronavirus vaccines, according to a company filing.
Shanghai Fosun Pharmaceutical Industry Development will contribute up to US$100 million in assets, including cash and a manufacturing facility, capable of producing up to a billion jabs a year, according to the statement by the parent company yesterday.
The announcement comes after the United States backed a plan for a waiver on Covid-19 patent protections, in a bid to get the drugs to poorer countries – sending shares in Asia-listed vaccine-makers tumbling last week.
Fosun said the joint venture firm for manufacturing and commercialising coronavirus vaccines will be 50%-owned by each company.
The 15-year joint venture will be incorporated in Shanghai.
BioNTech will contribute assets such as “licensing of the relevant manufacturing technology and know-how”, the statement said. – AFP, May 10, 2021
