The Serum Institute of India (SII) was underfunded last year. The company was about to enter into a billion-dollar deal with global investors, but SII CEO Adar Poonawalla backed down at the last minute despite a lack of funds to work on producing the Kovid-19 vaccine. Two people associated with the company provided information on this topic.
According to the information, the company, owned by the Poonawala family, provided $ 1 billion at the last minute in October of last year from private equity firm TPG Capital, ADQ in Abu Dhabi, and a consortium from the Saudi Public Investment Fund (PIF). She refused the offer. According to the duo, after the agreement was canceled, funding was provided by the Bill & Melinda Gates Foundation for the company, out of $ 300 million given to vaccine manufacturers in low- and middle-income countries.
The Bunawala family was raising $ 10 billion for a newly created subsidiary to handle the commercial interests of all subsequent vaccines and strategic insurance strategies, including the COVID-19 vaccine. SII has partnered with five international pharmaceutical companies, including AstraZeneca and Novavax, to develop the Kovid vaccine and commit to producing 1 billion doses, half of which were given to India. However, Poonawala later changed his mind and refused to take money from the stock company.
He told us that the vaccine manufacturer Serum Institute of India could soon invest around Rs 2,500 crore in the UK. British Prime Minister Boris Johnson said on Monday that the serum institute may manufacture a vaccine in the UK in the future. PM Johnson’s Downing Street office reports that the £ 240m (Rs. 2,460 crore) project could include clinical trial, research and possibly vaccine manufacturing.