China's Sino Biopharmaceutical invests $515 million in Sinovac to boost vaccine production

SHANGHAI (Reuters) - China's Sino Biopharmaceutical Limited said on Monday it would invest $515 million (383.24 million pounds) in Sinovac Biotech, which Sinovac said would help it to double its COVID-19 vaccine production capacity.

The investment will give Sino Biopharmaceutical a 15.03% interest in Sinovac, Sino Biopharmaceutical said in a statement on the website of the Hong Kong Stock Exchange.

Sinovac said in a statement on its website that it expects to be able to manufacture 300 million vaccine doses annually, and that it aims to complete construction of a second production facility by the end of 2020 to increase annual COVID-19 vaccine production capacity to 600 million doses.

(Reporting by Andrew Galbraith; Editing by Sam Holmes)