China National Biotech Group’s Joint Venture with Innova Medical Group

Bird & Bird has successfully advised China National Biotech Group on its investment to establish the joint venture company with Innova Medical Group in Singapore, to produce and distribute CNBG’s COVID-19 vaccines in Singapore and further in ASEAN countries.

Pasaca Capital Inc, the private equity firm that owns one of the worlds largest COVID-19 test providers, Innova Medical Group, Inc., and Sinopharm’s China National Biotech Group), one of the largest vaccine producers in the world, announced yesterday the establishment of a global joint venture – Sino-Innovax Biotech Pte Ltd. 

The joint venture is based in Singapore with a focus on providing critical vaccines to the world population, including the highly sought-after World Health Organization approved COVID-19 vaccines. The JV will enable expanded access to much needed quality vaccines to those in less developed areas where cold supply chain is not available. It will initially focus on the manufacturing and global distribution of Sinopharm’s virus inactivated COVID-19 vaccines and will include other vaccines currently produced or in development by CNBG.

SinoPharm’s BBIBP-CorV vaccine is highly effective, has been approved by the WHO for emergency use, and is currently being used widely in over 100 countries throughout Asia, Africa, South America and Europe. Unlike mRNA vaccines, Sinopharm’s inactive virus COVID-19 vaccines do not require deep-freeze facilities or extreme cold chain transportation. CNBG is ramping up its COVID-19 vaccine production capacity to 7 billion doses annually by the end of 2021.

China National Pharmaceutical Group Co., Ltd. (Sinopharm) is a large healthcare group with 128,000 employees and a full chain in the industry covering R&D, manufacturing, logistics and distribution, retail chains, healthcare, engineering services, exhibitions and conferences, international business and financial services. 

China National Biotec Group (CNBG), is a subsidiary of China National Pharmaceutical Group corporation (SINOPHARM), and has 12 wholly subsidiaries with close to 12,000 employees. 

Headquartered in Pasadena, CA, Pasaca Capital Inc. is an evergreen private equity investment firm focused on innovative technologies and products that benefit the world. 

The Bird & Bird team supporting this transaction comprises Beijing partners John Shi (Picture) and Shan Lai, managing associate Amy Yang and associate Jessie Tang, Singapore partner Marcus Chow and counsel Jolie Giouw, as well as partner Aden Chen, a member of the Bird & Bird association team within Lawjay Partners in Shanghai, who advised on IP licensing and distribution matters.

Involved fees earner: Aden Chen – Bird & Bird; Marcus Chow – Bird & Bird; Jolie Giouw – Bird & Bird; Shan Lai – Bird & Bird; John Shi – Bird & Bird; Jessie Tang – Bird & Bird; Amy Yang – Bird & Bird;

Law Firms: Bird & Bird;

Clients: China National Biotech Group ;

Sonia Carcano

Author: Sonia Carcano