Bitter medicine

7 December 2020 By Robyn Mak Follow @mak_robyn

A unit of the Chinese company making the Covid-19 jabs rolled out by Beijing has won fresh funds pointing to a $3 bln-plus valuation for the scandal-hit parent. It’s cold comfort for owners of the U.S. stock halted since 2019, and reminder that the vaccine lead may not pay off.

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China's Sino Biopharmaceutical has agreed to invest $515 million in a subsidiary of Sinovac to help the development and production of the its coronavrius vaccine, according to a stock exchange filing dated Dec. 7.

Upon completion of the transaction, Hong Kong-listed Sino Biopharmaceutical will have a 15% stake in Sinovac Life Sciences, a subsidiary of the New York-listed Sinovac.

Sinovac said in a separate statement that it would be able to manufacture 300 million of its "CoronaVac" doses annually and aims to complete construction of a second facility by the end of 2020 to double production capacity.

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