Shanghai Fosun Pharma (SHA: 600196; HK: 02196) will form a JV with its German partner BioNTech to manufacture COVID-19 vaccine in China. In March, Fosun announced it acquired China rights to BioNTech's mRNA vaccine in a $135 million deal that included a $50 million Fosun investment in BioNTech. Under the agreement, Fosun agreed to purchase 100 million doses of the vaccine for China use. Now, the JV will follow that up by initially purchasing bulk ingredients from BioNTech to fill and finish, and then making vaccines itself in a facility with a 200 million dose capacity.

The news came from a report in Caixin that, so far, Fosun has not confirmed. No details about time lines or financial specifics were included in the unofficial article that quoted sources who were familiar with the agreement.

In China, Fosun has started bridging studies to support approval of the vaccine. In large scale Phase III trials conducted in the west, the BioNTech vaccine demonstrated efficacy in 95% of the trial participants who received it.

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