- India's Bharat Biotech has announced COVAXIN capacity expansion to support vaccination campaigns in India and globally amid increased COVID-19 infection cases.
- MoneyControl says that the capacity expansion has been implemented across multiple facilities in Hyderabad and Bangalore to reach over 700 million doses per year.
- Hyderabad-based Bharat Biotech produces 4 million doses of Covaxin a month, while Serum Institute of India (SII), partner of AstraZeneca Plc AZN, is making 60 million doses of Covishield shots.
- Yesterday, there were reports that the Union government of India had approved an advance of around ₹15 billion (around $200 million) to Bharat Biotech and ₹30 billion crores (some $400 million) to SII to boost the vaccine supply over the next 2-3 months.
- Reports even state that the amounts had been given as a grant.
- Under the General Financial Rules of the central government, such huge advances are not given to contractors or for-profit companies without the latter furnishing a bank guarantee or collateral. However, the Union Finance Ministry had relaxed the rules and permitted the Ministry of Health to pay, if they so wish, to make any advance payment to vaccine suppliers without the bank guarantee, an official said.
- In March, Bharat Biotech had announced its coronavirus vaccine dubbed as Covaxin (BBV152) showed 81% efficacy.
- Price Action: Bharat Biotech's U.S. partner Ocugen Inc OCGN shares increased 2.8% at $5.8 in premarket on the last check Tuesday.
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