BioVac - Kili

pending

In 2023 IFC invested in Biologicals and Vaccines Institute of Southern Africa (Pty) Ltd (“Biovac” or “the company”) to support it to expand its suite of products to reduce Africa’s dependence on imported vaccines. This included partnering with Pfizer-BioNTech through a tech transfer agreement for fill and finish of vaccines. IFC is now considering another investment in the company to support further expansion into sub-Saharan African markets, with the objective of supplying vaccines under Global Alliance for Vaccines and Immunization program. Biovac’s existing facility is located in an industrial area in Cape Town, South Africa, where it manufacturers vaccines and has its offices. These vaccines are provided to the South African Department of Health, accounting for approximately 60% of the national vaccine supply.IFC’s new investment will assist the company with the development of a new vaccine manufacturing facility on vacant land adjacent to the existing operations (the “new facility” or the “project”). Biovac is in the process of acquiring the site for the project from the City of Cape Town. The facility will include a glass vial fill-and-finish suite, a drug substance suite and a blow-fill-seal plastic line. The product portfolio will consist of multiple new vaccines targeting key diseases prevalent in Africa including Pneumococcal Conjugate Vaccine (PCV), Meningococcal Vaccine (Mening-X), Inactivated Polio Vaccine (IPV), Oral Cholera Vaccine (OCV), and Rotavirus Vaccine. Construction is scheduled to commence in 2026, with commercial manufacturing operations starting in 2029.The project cost is to be financed through a combination of debt, equity, and grant funding from various funders. IFC’s component of the financing will consist of a US$20 million IFC A Loan and a US$90 million in Parallel Loans.