SERUM INSTITUTE OF INDIA TO RAISE $1 BILLION FOR VACCINE DEVELOPMENT IN INDIA – REPORT

The Serum Institute of India is to raise $1 billion, around Rs.7,500 crore for the development of COVID-19 vaccine. SII is the world’s leading and largest manufacturer of vaccine by volume. It is currently in discussion with private firms to raise money.

Times Now reported that it is currently in talks with KKR, Blackstone as well as philanthropists for raising the required money, by September. “We are in talks with a few investors but there is no comment beyond that,” the company revealed. Privately owned by Cyrus and his son Adar Poonawalla the company plans to launch a special purpose vehicle for the potential candidates of vaccine. “So far we have five candidates, including two of our own. We might explore partnership with two more, which we can't talk about at this stage.”

The SII has also signed agreements with Novavax and AstraZeneca. In August, the Pune-based company received $150 million in funding from the Bill & Melinda Gates Foundation and the GAVI vaccines alliance. This funding is to be directed towards producing 100 million vaccine doses for India as early as 2021.

Around the same time as the funding, the Drug Controller General of India gave a green signal for SII to conduct phase II and III of clinical human trials, of the Oxford’s Covid-19 vaccine named as Covishield. Upon successful completion of the same SII will begin production according to previous statements made in media.