Fosun Pharma Agrees to Covid Vaccine Joint Venture With BioNTech

A unit of Shanghai Fosun Pharmaceutical Group Co. agreed to establish a joint venture with BioNTech SE for the local production and commercialization of its Covid-19 vaccine.

Shanghai Fosun Pharmaceutical Industry Development will invest as much as $100 million in the partnership including cash, according to a statement to Shanghai Stock Exchange. BioNTech will invest up to $100 million through assets including production technology and a proprietary license.

Under the deal, Fosun Pharmaceutical Industrial will provide a manufacturing facility that has the potential to produce as much as 1 billion doses of the vaccine a year.

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