China's Shanghai Fosun Pharmaceutical said its subsidiary has agreed to provide a factory with an annual capacity to make up to 1 billion doses of the COVID-19 vaccine developed by BioNTech . This marks a step closer for China to have localized manufacturing capability for the German firm's vaccine. Five domestically-developed COVID-19 vaccines are being used in the country, while no foreign ones have gained regulatory approval. The factory is part of a joint venture between Fosun Pharmaceutical Industrial and BioNTech, in which the two companies will hold 50% stake each, Shanghai Fosun Pharma said in a filing on Sunday. BioNTech has agreed to license relevant manufacturing technology and know-how to the JV with Fosun, the filing said.

Source: Mint May 09, 2021 13:36 UTC