Indian vaccine makers to get funds from Gates Ventures, CEPI

Pune, India-based Gennova, which is developing India’s first mRNA vaccine, is expected to seek emergency approval for its vaccine candidate from India’s drug regulator next week. Gates Ventures, the private equity arm of Bill and Melinda Gates Foundation, and a clutch of other philanthropic organizations are in talks to invest in Indian vaccine makers and Gennova is top on that list.

The minimum investment size of Gates Ventures is $5 million in its other enterprises. Gates Ventures, has in the past, invested in companies such as Aurobindo Pharma (BSE: 524804) and Biological E to support their manufacturing of anti-HIV drugs and scale up vaccine manufacturing.

Gates Foundation and other organizations are redoubling efforts to reach coronavirus vaccines to countries where access has been hampered by shortages as India, the world’s largest vaccine maker, stopped exports after a second wave hit the country.

Norway-based Coalition for Epidemic Preparedness Innovations (CEPI) is also in talks with Indian vaccine makers for a possible early-stage investment in COVID-19 candidates. India is the founding member of CEPI, which is a global collaboration between public, private, philanthropic, and civil society organizations.

Founded in Davos by the governments of India and Norway, the Bill & Melinda Gates Foundation, the Wellcome Trust, and the World Economic Forum are other founders. A mission - India centric epidemic preparedness through rapid vaccine development: supporting Indian vaccine development aligned with the global initiative of the CEPI is a recent initiative of India's Department of Biotechnology to support vaccine development.

Earlier this year, several financial institutions, including Exim Bank and the Japanese Bank of International Corporation, met with vaccine makers to explore funding strategies to help scale up manufacturing activities. In July, Exim and JBIC offered to provide funding up to $300 million to vaccine companies.

Global organizations expect India to play a significant part in supplying vaccines to developing countries. At the G20 meeting in Rome last month, Prime Minister Narendra Modi said that Indian companies will be ready to manufacture 5 billion doses by the end of 2022.