The Serum Institute of India is set to invest 240 million British pounds to expand its vaccine business in United Kingdom. The vaccine maker will set up a new sales office creating a large number of jobs. This investment is a part of plans for 1 billion British pound India-UK Enhanced Trade Partnership, which will create approximately 6,500 jobs in the UK, Downing Street announced.
The investment by the vaccine manufacturer is aimed at supporting clinical trials, research and development, and also likely manufacturing of vaccines to help the UK combat coronavirus pandemic. Notably, SIIis the world’s largest vaccine maker by volume, and has been at the forefront of battle against Covid-19, producing the lower-cost AstraZeneca coronavirus shot. The company has also started phase one trials in UK of a nasal vaccine against COVID-19.
“The sales office is expected to generate new business worth over USD 1 billion, GBP 200 million of which will be invested into the UK,” Downing Street said on Monday in reference to SII’s plans for the UK market.
The Pune-based pharma giant 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.
“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,” it said.
In the field of healthcare, another Indian investment highlight includes GBP 59 million by biotech firm Global Gene Corp over the next five years.
It will create 110 highly skilled jobs in the UK, mostly based in the R&D centre at Wellcome Genome Campus in Cambridge, which is the site of the Human Genome Project.