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BusinessDFC, Biological E finalise financing arrangement to expand Covid-19 vaccine manufacturing capacity

DFC, Biological E finalise financing arrangement to expand Covid-19 vaccine manufacturing capacity

Published: 25th Oct 2021 2:01 pm

Hyderabad: US International Development Finance Corporation (DFC) COO David Marchick and Biological E managing director Mahima Datla unveiled the expansion of Biological E’s vaccine manufacturing facility in Hyderabad and finalised a US government financing arrangement formalising $50 million (about Rs 375 crore) to expand the company’s capacity to produce Covid-19 vaccines.

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The continued partnership will help bolster near-term Covid-19 response efforts and will also benefit long-term global health in India and throughout the Indo-Pacific region. This work is in support of the commitment set out by President Biden and his counterparts in the “Quad” – Australia, India, Japan, and the United States.

To underscore the significance of the agreement under the Quad Vaccine Partnership, US Chargé d’ Affaires Patricia Lacina, US consul general Joel Reifman, Ministry of External Affairs joint secretary Vani Rao, Telangana principal secretary of IT & Industries Jayesh Ranjan, Japanese consul general Taga Masayuki, and Australian consul general Sarah Kirlew participated in the event in Hyderabad.

“DFC’s partnership with Biological E will support capacity for production of more than one billion vaccine doses by the end of 2022 for India and for developing countries around the world,” said David Marchick, COO, DFC.

“Today’s agreement represents a model of the close collaboration among countries that will be essential to achieve President Biden’s goal of ending the pandemic in 2022. Scaling Biological E’s new facility, which is already producing vaccines, will help close the vaccine gap and save lives in developing countries.”

Mahima Datla, MD, Biological E, said, “”This investment will not only help us augment our capacity to produce more Covid-19 vaccines, but also help the global community that has been relentlessly fighting against the spread of the Covid-19 pandemic.”

“International collaborations such as this to expand and diversify global manufacturing capacity are key to controlling Covid-19 and strengthening global health security for the benefit of the entire world,” said Dr Richard Hatchett, CEPI CEO.

DFC’s investment in Biological E is part of the agency’s Global Health and Prosperity Initiative, which is focused on supporting the global response to the Covid-19 pandemic and strengthening health resilience in developing countries.

Several US government agencies, including DFC, the Department of Health and Human Services, the US Agency for International Development, and the National Security Council, have worked together to support Biological E’s manufacturing.

DFC and Biological E have also collaborated with the Coalition for Epidemic Preparedness (CEPI), which provided early research and technical support for the company’s Covid vaccine efforts.

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