IFC invests USD 30 million in Biological E Ltd

IFC, a member of the World Bank Group, is providing a senior loan of up to $30 million to BioE to support the Hyderabad-based company's expansion of its range of low-priced, generic vaccines for routine immunisation of children, it added.

New Delhi: International Finance Corporation, a member of the World Bank Group, on Thursday said it is providing a loan of up to $30 million (around Rs 220 crore) to pharma company Biological E Limited. The loan will support the pharmaceutical firm’s expansion of low-priced, generic vaccines for routine immunisation of children and to boost capacity for manufacturing any future Covid-19 vaccine, it added.

An investment in one of India’s top vaccine manufacturers BioE will expand access to low-cost vaccines for children in developing countries and help increase the production of a Covid-19 vaccine when developed, a key step in saving lives and restarting economies, IFC said in a statement.

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“IFC, a member of the World Bank Group, is providing a senior loan of up to $30 million to BioE to support the Hyderabad-based company’s expansion of its range of low-priced, generic vaccines for routine immunisation of children,” it added.

The financing package aims to support the production of new vaccines and boost the company’s capacity for manufacturing any future Covid-19 vaccine, the statement said.

IFC interim Managing Director and Executive Vice President, and Chief Operating Officer Stephanie von Friedeburg said vaccines are one of the most critical and cost-effective means of improving health outcomes in emerging markets like India.

“At IFC, we are excited to make this timely investment in BioE (Biological E Ltd), a research-driven company that is gearing up to expand its vaccines for the immunization of children and address global health challenges, including the unprecedented Covid-19 crisis,” von Friedeburg noted.

Welcoming IFC’s long-term financing, Biological E Ltd Managing Director Mahima Datla said it has come at a crucial time when the company is gearing up to expand its vaccine-products portfolio for routine immunisation.

“We are also working toward the development and manufacturing of a potential Covid-19 vaccine. We look forward to strengthening our strategic partnership with IFC,” Datla added.

IFC said its financing of BioE will help increase the production of vaccines and, thus, the competitiveness of the vaccine market geared toward the developing world, pushing other manufacturers to lower their prices when selling through international groups like Gavi and UNICEF to support country-led immunisations.