Gates Foundation, Mastercard, Wellcome Commit $125M Funding To Speed Up Coronavirus Treatment

Bill and Melinda Gates Foundation has teamed up with Mastercard Inc. MA and the Wellcome Trust to launch a "COVID-19 Therapeutics Accelerator," it announced Tuesday.

What Happened

The accelerator, launched with a $125 million seed funding, would be used to speed up the response to the novel coronavirus outbreak, including "identifying, assessing, developing, and scaling-up" treatments.

The Gates Foundation and London-based non-profit organization Wellcome will contribute $50 million each to the fund with the Mastercard Impact Fund contributing the rest $25 million, according to the statement.

The non-profit organization of Microsoft Corporation MSFT co-founder Bill Gates had previously announced $100 million funding in the fight against the coronavirus spread in February.

The accelerator is part of the previously announced fund, Gates Foundation said. It will focus on evaluating and speeding up the availability of both new and repurposed drugs and biologics that could be used to treat COVID-19.

The Gates Foundation said that the new fund would continue beyond the COVID-19 outbreak, and similarly support the solutions for other viral pathogens as its long-term goal.

"Viruses like COVID-19 spread rapidly, but the development of vaccines and treatments to stop them moves slowly," the foundation's chief executive officer Mark Suzman said.

"If we want to make the world safe from outbreaks like COVID-19, particularly for those most vulnerable, then we need to find a way to make research and development move faster."

Why It Matters

The coronavirus continues to spread globally, with more than 119,000 confirmed cases worldwide, including 4,284 deaths. Analysts have expressed concerns over the ability of public health infrastructure, especially in less developed countries, to be able to bear the burden of mass spread.

Several pharmaceutical companies have signaled progress in developing an antiviral for the COVID-19, but a treatment for the virus at a mass scale isn't expected to be available until at least next year.
Both Inovio Pharmaceuticals Inc. INO and Moderna Inc. MRNA are expecting to see clinical trials for their vaccines in April.

Price Action

Mirosoft shares closed 6.84% higher at $160.92 on Tuesday and traded 1.63% lower at $158.30 in the after-hours session.

Photo Credit: Public domain photo via Wikimedia.

Posted In: Bill GatesCitron ResearchcoronavirusmastercardWellcomeNewsShort SellersTechGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.