New investment fund to advance late-stage vaccines
The Global Health Investment Fund, which is structured by JPMorgan Chase & Co. and the Bill & Melinda Gates Foundation, will help advance promising interventions to battle malaria, HIV/AIDS, tuberculosis, infant mortality and maternal mortality in low-income countries. A pioneering group of investors committed $94 million to the fund and the Gates Foundation and the Swedish International Development Cooperation Agency committed to partially offset potential losses to mitigate the risk of investing.
"The Global Health Investment Fund demonstrates the potential for innovative collaborations and thoughtful financial structures to mobilize new sources of capital for social challenges," Jamie Dimon, the chairman and CEO of JPMorgan Chase, said. "This product brings a diverse group of investors together around the shared objective of developing life-saving technologies in a financially sustainable way."
The GHIF will invest in new vaccines and drugs, child-friendly formulations of existing products, emerging diagnostic tools, expanding manufacturing capacity and other applications to bring affordable technologies to the developing world.
"We invest in global health because we know that when health improves, life improves by every measure," Bill Gates, the co-chair of the Bill & Melinda Gates Foundation, said.