IFC to back BioE Ltd's pipeline of vaccines, including for Covid-19

The company will raise $30 mn from IFC to support the proposed expansion plan for its pipeline of vaccines and pharma products, besides playing a role in expediting Covid-19 vaccine development

Biological E Limited (BioE), which develops and manufactures vaccines, will raise $30 million from International Finance Corporation (IFC), the investment arm of the World Bank. With this fundraising, the company aims to support the proposed expansion plan for its pipeline of vaccines and pharmaceutical products, besides playing a role in expediting the development and availability of a Covid-19 vaccine.

BioE is an unlisted and closely held company whose main sponsor Mahima Datla holds a majority of its shares, and her family the rest. It is pre-qualified by the World Health Organization (WHO) to produce seven vaccines, including liquid pentavalent vaccine (LPV),