Caixin
Feb 26, 2021 05:57 AM
BUSINESS & TECH

Vaccine Startup Clover Biopharma Raises $230 Million in Financing

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What’s new: China’s Covid-19 vaccine developer Clover Biopharmaceuticals raised $230 million in Series C financing from a group of investors led by Singapore state fund Temasek and GL Ventures.

This financing round brings the Chengdu-based startup’s total capital raised in the past 12 months to more than $400 million. Other investors include Oceanpine Capital, OrbiMed and existing investor Delos Capital.

Clover said it expects to initiate a global Phase 2/3 trial of its Covid-19 vaccine candidate in the first half of 2021 and started production planning for potentially hundreds of millions of vaccine doses in 2021.

The company said the proceeds will support the continued development and expansion of its pipeline of vaccines and biologic cancer therapies.

The background: Unlike the two China-approved homegrown coronavirus vaccines developed by China National Biotec Group Co. Ltd. (01099.HK) and CanSino Biologics Inc. (688185.SH), Clover’s vaccine candidate uses what’s called a recombinant protein technology. Its vaccine also doesn’t need to be kept at freezing temperatures.

Last month, U.S. company Novavax Inc. became the first vaccine maker to disclose advanced clinical trial results for a protein-based vaccine. Data showed its vaccine was overall 89% effective, but it was less than 50% effective against a variant detected in South Africa that is now spreading around the world.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

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