Shanghai Fosun Pharmaceutical Industry Development will contribute up to US$100 million in assets including cash and a manufacturing facility, capable of producing up to a billion jabs a year, according to the statement by the parent company yesterday.

The announcement comes after the US backed a plan for a waiver on Covid-19 patent protections, in a bid to get the drugs to poorer countries – sending shares in Asia-listed vaccine makers tumbling last week.

Fosun said the joint venture firm for manufacturing and commercialising coronavirus vaccines will be owned 50% each by each company.

The 15-year joint venture would be incorporated in Shanghai.

BioNTech will contribute assets such as “licensing of the relevant manufacturing technology and know-how”, the statement said.