A Chinese Covid-19 vaccine maker is due to debut on Hong Kong’s stock exchange on Friday, even though the company is yet to generate any operating revenue.
Clover Biopharmaceuticals, based in Chengdu, is still to gain regulatory approval for its vaccine.
Founded in 2007, Clover obtained a $360.5 million grant from the Coalition for Epidemic Preparedness Innovations, the disease research funding group set up by the Gates Foundation and several governments.
Clover’s launch customer will be GAVI, the global vaccine alliance, which contracted in June to purchase 64 million doses of its vaccine.
In September, Clover said a trial of more than 30,000 participants across four continents showed its jab had 100% efficacy against severe Covid-19 and hospitalisation and 84% efficacy against moderate-to-severe Covid-19 caused by any strain, including the globally dominant Delta variant.
It scored 79% efficacy against Covid-19 of any severity caused by Delta.
Clover said its jab is the first to demonstrate significantly reduced risk of Covid-19 in previously infected individuals.
Clover is set to raise HK$1.87 billion ($240.26 million) through the public offering of 13% of its share capital. Temasek, Hillhouse Capital and seven other fund managers are cornerstone investors.
• George Russell