China’s Clover Biopharmaceuticals Ltd. (02197.HK) was finally looking to the future after a big bet on Covid vaccines failed to pay off. However, decisions made early on in the pandemic are still casting a long shadow.
曾经风光无限的“疫苗明星股”三叶草生物制药有限公司（2197.HK），在经历新冠疫苗商业化失利、裁员近50%后，近期因遭全球疫苗免疫联盟（Gavi）追讨2.24亿美元预付款，再次被推上风口浪尖。
The company went all-in to produce a Covid vaccine, stalling work on other projects in the race to come up with a domestically produced immunization option. But the Covid crisis had peaked by the time the product was ready for delivery. The investment turned sour and Clover Bio had to lay off nearly half its workforce.
2021年，凭借Gavi的4.14亿剂新冠疫苗预购协议背书，三叶草生物先后完成1.34亿美元（10.42亿元）的Pre-IPO轮融资，并在同年11月登陆港交所，上市首日市值就突破154.94亿港元。然而“成也萧何，败也萧何”，当三叶草生物现金流告急时，Gavi的追债行动是否会成为压倒骆驼的最后一根稻草？
Fast forward to the present day, and the company is now focusing its efforts on vaccines for other respiratory viruses. But the Covid era has presented another belated challenge to its corporate health. An international vaccines alliance served notice last month that it wanted to cancel a supply deal struck with Clover Bio back in 2021 and was seeking a $224 million refund for money already made.
3月24日，三叶草生物公告称，在3月21日收到Gavi单方面终止新冠疫苗预购协议的通知，Gavi还要求退还2.24亿美元（约合16亿元人民币）预付款。这场纠纷源于2021年6月三叶草生物与GAVI签署的预购协议，协议称，一旦三叶草生物研发的重组蛋白疫苗获批进入世界卫生组织（WHO）的紧急使用清单，将会在2021年提供第一批6400万剂疫苗，通过“新冠肺炎疫苗实施计划”（COVAX机制）分配给全球参与国，同时Gavi也保留追加采购3.5亿剂疫苗的选择权，这些疫苗将于2022年交付。