SII to invest 240M pounds in UK to expand vaccine business
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New Delhi: The Serum Institute of India (SII) is looking forward to investing 240 million pounds in the UK to expand its vaccine business and create multiple jobs in the country. The investment is part of the 1 billion-pound India-UK Enhanced Trade Partnership that will create nearly 6,500 jobs in Britain.
The SII has also begun phase 1 trials in the UK of a nasal vaccine against coronavirus, in partnership with Codagenix INC.
The Pune-based vaccine manufacturer is among a list of nearly 20 Indian companies across sectors such as healthcare, biotech and software services to announce significant investment plans in the UK.
"The sales office is expected to generate new business worth over 1 billion pounds, 200 million pounds of which will be invested in the U.K. Serum's investment will support clinical trials, research and development and possibly manufacturing of vaccines," said the official statement from the Downing Street.
"Serum's investment will support clinical trials, research and development and possibly manufacturing of vaccines. This will help the UK and the world to defeat the coronavirus pandemic and other deadly diseases. Serum has already started phase one trials in the UK of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC," the statement added.
The SII investment came after media reports claimed that India has not placed fresh orders for Covid vaccines with the Serum Institute of India (SII) and Bharat BioTech since March.
However, the Indian government and the SII refuted such reports.