Beijing, December 16: With the domestic vaccine makers yet to attain approval, China has secured a deal to procure 100 million doses of Pfizer-BioNTech COVID-19 vaccine candidate. The supply of vaccine is in accordance to the pact signed between Chinese company Shanghai Fosun Pharmaceutical Group Co and BioNTech SE -- the Germany-based firm which partnered with Pfizer to develop the mRNA-based vaccine.
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The deal does not involve Pfizer, the US-based pharmaceutical giant. Back in March this year, Fosun of China entered into an agreement with BioNTech to market and sell its vaccine candidate domestically. COVID-19 Vaccinations Update: Saudi Arabia Opens Registration for Coronavirus Vaccine for All Citizens and Expatriates.
The Chinese company, in a statement filed before the Hong Stock Exchange on Wednesday, said it would pay $300 million to BioNTech for an initial 50 million doses of the vaccine. A similar amount would be transferred on the phased-wise further supply. In all, the company expects to receive 100 million doses by end of 2021.
Despite nearly a dozen local vaccine candidates being in the fray in China, none of them have attained regulatory approval yet. Notably, the drugmakers in China were the first to begin the vaccine development process.
On the other hand, Pfizer-BioNTech has received the nod for emergency use from the top drug regulators across the world, including the US, the UK and Canada, among other countries. The vaccine candidate, during the trials, showed an efficacy rate of 95 percent.