The Serum Institute of India (SII) was struggling with a shortage of funds last year. The company was about to enter into a billion-dollar deal with global investors, but SII CEO Adar Poonawalla pulled back at the last minute despite the lack of funds to work on the production of the Kovid-19 vaccine. Two people associated with the company gave information about this.
According to the information, the firm owned by the Poonawala family gave a billion dollars at the last minute in October last year from private equity firm TPG Capital, Abu Dhabi's ADQ, and an aid consortium of Saudi Arabia's Public Investment Fund (PIF). Turned down the offer. According to the duo, after the cancellation of the agreement, funding was provided by the Bill & Melinda Gates Foundation to the company, out of $ 300 million given to vaccine manufacturers in low and middle-income countries.
The Poonawalla family was raising $ 10 billion for a newly created subsidiary to handle the commercial interests of all subsequent vaccines and SIIs, including the Kovid vaccine. SII has partnered with five international pharmaceutical companies, including AstraZeneca and Novavax, to develop the Kovid vaccine and commit to producing one billion doses, of which it has given half of it to India. However, Poonawala later changed his mind and refused to take funds from the equity firm.
Let us know that the vaccine manufacturer Serum Institute of India may soon invest around Rs 2500 crore in the UK. UK Prime Minister Boris Johnson said on Monday that the Serum Institute may also make a vaccine in the UK in the future. PM Johnson's office Downing Street reported that the £ 240 million (Rs 2460 crore) project could include clinical trials, research, and possibly vaccine manufacturing.