VACCINE TO THE RESCUE

Shanghai Fosun Pharmaceutical Group is preparing to buy at least 100 million doses of Covid-19 vaccine from BioNTech of Germany for use in mainland China, if the vaccine receives regulatory approval from Beijing.

The Chinese government has not entered any direct supply deals with Western drugmakers, which instead have partnered with local companies.

Fosun said it would be entitled to 60% of the annual gross profit from sales of doses that it will make from imported bulk ingredients, and 65% of the profit from sales of imported doses ready for use.

For the initial supply of 50 million doses, Fosun agreed to pay BioNTech €250 million (US$304 million) — half by Dec 30 and the remainder after regulatory approval — the company said in a filing to the Hong Kong stock exchange in mid-December.

The vaccine developed by BioNTech and its US partner Pfizer Inc is already being administered to the public in Britain and the United States, and is now being rolled out across the European Union.

China has granted emergency-use status to two candidate vaccines from state-backed Sinopharm and one from Sinovac Biotech Ltd. It has approved another one, from CanSino Biologics Inc, for military use.

Separately, Shenzhen Kangtai Biological Products Co Ltd aims to have enough capacity to produce at least 100 million doses of a vaccine candidate from its British partner AstraZeneca Plc.

The National Health Commission last month announced a “priority immunisation scheme” to cover 50 million doctors, nurses, police and immigration officers nationwide before the start of the Lunar New Year break in February.

Fosun Pharma has brought two BioNTech candidate Covid vaccines into clinical trials in China but has yet to receive regulatory approval for either.

Fosun will also supply 7.5 million mRNA vaccines to Hong Kong in the first quarter of 2021, according to the city’s government.