As stated on the project disclosure page, the proposed IFC investment seeks to support, the Biologicals and Vaccines Institute of Southern Africa (BioVac), a South African biopharmaceutical company based in Cape Town, to expand its suite of products which includes partnering with Pfizer-BioNTech through a tech transfer agreement for fill and finish manufacturing of vaccines on the continent thus helping reduce Africa’s over dependence on imported vaccines.
The Company is planning to expand their operations through a 2-part project the first of which involves manufacturing the Pfizer COVID-19 vaccine (fill and finish only) and IFC will finance this via a $7 million loan. The second component includes construction of new multi-vaccine facility. IFC will provide $500k funding to support the bankable feasibility study for this facility (~130 million doses annually) and provide $7.5 million in equity (~12.5% stake) and a $10 million loan to support the actual development.
The main facility at BioVac consists of 6 buildings spanning some 5,500 m2 in total surface area. A new building has been constructed (building E) to house the “freezer farm” as required for the storage of vaccines. In addition, a 50-tonne capacity liquid nitrogen tank has been installed.
As stated by the IFC, BioVac is 47.5%-owned by two South African government agencies, namely the Technology Innovation Agency (‘TIA’) with 12.5% and the Department of Science and Innovation (‘DSI’) with 35%. The balance of BioVac’s 52.5% is held by a BioVac Consortium (Pty) Limited which consisting of private investors, who amongst others includes Dr Makhoana Morena.
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
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|Private Actor 2 Role
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|The Biologicals and Vaccines Institute of Southern Africa Pty Ltd (BioVac)
|Education and Health
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