Bill Gates' Foundation Promise $750M For COVID-19 Vaccine Developed By Oxford Scientists

Bill Gates has one again stepped up to help the world fight against COVID-19, this time through his philanthropic venture Bill and Melinda Gates Foundation. The tech billionaire has poured in $750 million to ensure the global supply of a potential coronavirus vaccine being developed by British drug maker AstraZeneca.

AstraZeneca is working with researchers from Oxford University for the potential vaccine. Although the vaccine is still in the development stage, the company has already committed to its mass production and availability. The idea is to shorten the long timeline of vaccine production.

The new funds will be used to increase the supply of the vaccine globally. With this, the total units of the vaccine available for dispense (once developed) will be more than 2 billion.

The Charity Foundations

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As per a release shared by AstraZeneca this week, the agreement has been made with Coalition of Epidemic Preparedness Innovations (CEPI) founded by the Bill and Melinda Gates Foundation, and Gavi, the vaccine alliance.

The $750 million agreement will be used to ¡°support the manufacturing, procurement and distribution of 300 million doses of the potential vaccine, with delivery starting by the end of the year.¡±

In addition to the agreement with CEPI and Gavi, AstraZeneca has also reached a licensing agreement with Serum Institute of India (SII), the world's largest vaccine manufacturer by volume, to supply one billion doses for low-and-middle-income countries.

Global Distribution

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AstraZeneca had already earmarked 300 million of the potential vaccine to the US and 100 million to the UK. ¡°The Company is building a number of supply chains in parallel across the world to support global access at no profit during the pandemic,¡± it says.

With the new deal with SII, AstraZeneca has now promised 1 billion doses of the vaccine for low and middle-income countries. Out of these, 400 million will be provided by the end of 2020, the statement confirms.

The company was able to manufacture 1 billion units of the vaccine last month. At present, Phase II/III versions of the vaccine are being tested on around 10,000 adults in the UK as per AstraZeneca. If its clinical trials turn out to be successful, the first doses of the vaccine could be ready by as early as September.