Pagamon designed the business case for a development / manufacturing vaccine program to fight COVID-19’s plague

Project outline

  • The company is proposing the development and manufacturing of an inactivated and adjuvanted SARS-CoV-2 vaccine
    The company undertakes negotiations with various governments in Europe and overseas, as well as with international organizations (WHO/COVAX)
  • Mastering the business case is essential for negotiations on price and project funding (clinical development, manufacturing capacity, etc.)
    Pagamon built the business plan and provided the required analyses

Project approach

  • Take over the initial financial model
  • Review of financial and operational assumptions with the program’s stakeholders (pre-clinical and clinical R&D, CAPEX, process/assay development, bio-production, filling, packaging, quality control, etc.)
  • Preparation of scenarios for the management board and the supervisory board
  • Risk analysis: clinical outcomes, bio-production capacity, yield, success rate, cash commitments, payment schedule, etc.
  • Construction of a financial model handling multiple successive or parallel contracts and various clinical and industrial options


  • Cost and cash flow forecasts for each scenario
  • Support for negotiations with public authorities for their “at risk” national pre-orders of vaccine doses.
  • Analyses and recommendations to the management board and the supervisory board
  • The company has signed a partnership with the British government to supply more than 60 million doses for €470 million, with options for additional supply of 130 millions doses

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