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.
