The IFC’s investment includes a $7 million rand loan to support Biovac’s current production of various vaccines, including those for HPV, meningococcal disease, cholera, and several pediatric vaccines.

Beyond the financial support, the IFC and Biovac have established a formal collaboration agreement.

The IFC will provide project development assistance for Biovac’s ambitious plan to build a new multi-vaccine production facility in Cape Town.

This facility is expected to significantly increase Biovac’s production capacity, from the current 150 million doses to a remarkable 560 million doses per year.

The funding will not only enable the production of traditional bacterial-based vaccines but also empower Biovac to venture into messenger RNA (mRNA)–based vaccines. This strategic move aims to strengthen African vaccine value chains and ultimately reduce the continent’s dependence on vaccine imports.

Biovac’s Chief Financial Officer, Craig Mitchell, expressed his excitement about the partnership with the IFC, highlighting its crucial role in advancing research and development, drug substance, and achieving end-to-end manufacturing capabilities in Africa.

Biovac stands out as one of the few vaccine companies in Africa with robust product development capabilities.

It currently supplies approximately 80% of South Africa’s routine pediatric vaccines and has delivered over 450 million vaccine doses since 2003 to public healthcare facilities in South Africa, Angola, Botswana, Eswatini, Lesotho, Mozambique, and Namibia.