With the objective of expanding its vaccine business and establishing a new sales office in Britain, the Serum Institute of India (SII) is all set to invest GBP 240 million in the UK.
The investment will go into further research, clinical trials, and manufacturing of vaccines, which will help humanity battle deadly viruses and survive pandemics.
This is part of a partnership between India and the UK worth GBP 1 billion, to create about 6,500 jobs in Britain.
The vaccine-producing company, based in Pune, is not the only one that is investing in the UK. Indian companies have been investing in the UK, to help give a boost to the British healthcare sector and the economy. In fact, there are a score of healthcare, biotech and software services companies already investing significantly in Britain.
Meanwhile, SII has already begun phase one of trials for a nasal vaccine that could protect against the deadly coronavirus, in Britain.
It is anticipated that new business will result in revenues to the tune of more than USD 1 billion, of which a major share will be invested into the UK.
Meanwhile, Covovax, the second vaccine being developed and manufactured by SII, is expected to go into phase-3 clinical trials by the middle of May.
The Data Safety Monitoring Board has assessed the initial safety data of 200 participants of phase-2 clinical trial of the vaccine and recommended the same. The Drugs Controller General of India has approved a bigger phase-3 trial.