Anthrax Vaccine

Anthrax Vaccine Market Outlook

The global anthrax vaccine market is projected to reach approximately USD 1.2 billion by 2035, growing at a compound annual growth rate (CAGR) of 5.6% during the forecast period. This growth can be attributed to increasing awareness about anthrax as a potential bioterrorism agent, along with rising initiatives by governments and health organizations to stockpile vaccines for emergency preparedness. Additionally, advancements in vaccine development technologies, including the emergence of novel vaccine formulations, have also contributed significantly to the growth trajectory of the market. The rising incidences of anthrax outbreaks in livestock and the heightened focus on biodefense strategies are further propelling market expansion. Consequently, the anthrax vaccine market is expected to witness robust development in the coming years, driven by both public health initiatives and the growing need for veterinary applications.

Growth Factor of the Market

The anthrax vaccine market is influenced by several growth factors, primarily stemming from the increasing concern over bioterrorism, agricultural challenges, and animal health. The threat of bioweapons has led governments across the globe to prioritize the development and stockpiling of effective vaccines. Specifically, military applications are becoming crucial as nations recognize the risks associated with anthrax spores. Furthermore, there is a growing emphasis on veterinary vaccines due to the prevalence of anthrax in livestock, which poses significant risks to food security and human health. Increasing research activities aimed at developing more efficient and effective vaccines, including innovative formulations and delivery methods, are also stimulating market growth. Additionally, the expanding healthcare infrastructure in emerging economies and increased funding for biodefense research create an environment conducive to market expansion.

Key Highlights of the Market

• The anthrax vaccine market is expected to grow at a CAGR of 5.6% from 2025 to 2035.
• Government initiatives and military applications are driving the demand for anthrax vaccines.
• Veterinary applications are gaining traction due to the need for livestock protection.
• Technological advancements in vaccine formulation are enhancing efficacy and safety.
• Collaboration among pharmaceutical companies and research institutions is fostering innovation in anthrax vaccine development.

By Product Type

Live Vaccines:

Live vaccines, specifically those based on attenuated strains, have been pivotal in the prevention of anthrax. These vaccines use a weakened form of the pathogen, which elicits a strong immune response without causing the disease. Live vaccines are particularly effective in providing long-lasting immunity, making them an essential choice for veterinary applications, especially in livestock. Their usage in military settings is also notable, as they can confer immediate protection against potential bioterrorism threats. However, the safety concerns associated with live vaccines, particularly in immunocompromised individuals, have led to a more cautious approach in their deployment.

Inactivated Vaccines:

Inactivated vaccines contain killed pathogens, making them a safer option compared to live vaccines. These vaccines stimulate an immune response without the risk of causing disease, which is particularly important for sensitive populations such as children and the elderly. Inactivated vaccines are commonly used in both veterinary and human medicine, providing a reliable means of protection against anthrax. Their ability to induce a robust antibody response while minimizing safety risks enhances their attractiveness in both military and civilian applications. The effectiveness of inactivated vaccines often depends on the adjuvants used, which can enhance the immune response and prolong protection.

Subunit Vaccines:

Subunit vaccines consist of purified components from the anthrax bacteria, such as protective antigens that are crucial for eliciting an immune response. These vaccines are designed to provide a targeted immune response while reducing the risk of adverse effects associated with whole-cell vaccines. Subunit vaccines are particularly appealing for veterinary use, as they minimize the risk of disease transmission while still providing effective protection. Additionally, their specific design allows for easier modification and enhancement, making them an attractive option for ongoing research in anthrax prevention. The development of subunit vaccines has also been bolstered by advances in recombinant DNA technology, resulting in safer and more effective formulations.

Conjugate Vaccines:

Conjugate vaccines combine polysaccharide antigens from the anthrax bacteria with carrier proteins to enhance immunogenicity. This vaccine type is particularly effective in young and immunocompromised populations, as it provides a stronger and longer-lasting immune response. The conjugation process allows for the development of vaccines that can protect against multiple strains of anthrax, addressing the public health challenge posed by diverse bacterial strains. Conjugate vaccines also hold promise for veterinary applications, given their ability to stimulate immunity in livestock without the risk of disease transmission. The ongoing research in conjugate vaccine technology aims to improve efficacy and safety further, making this an exciting area for future growth in the anthrax vaccine market.

DNA Vaccines:

DNA vaccines represent a novel approach to anthrax prevention by using genetic material from the anthrax bacteria to elicit an immune response. This innovative technology continues to gain traction due to its potential for rapid development and high levels of safety. DNA vaccines can be designed to target specific antigens and can be stored at room temperature, making them easier to distribute and administer, particularly in remote areas. Although still in experimental stages for anthrax, DNA vaccines have shown promise in preclinical studies and could revolutionize how vaccines are developed and administered for various infectious diseases. As research progresses, DNA vaccines may become a vital part of the anthrax vaccine arsenal.

By Application

Military:

The military application of anthrax vaccines is paramount due to the potential threats posed by biological warfare. Military personnel are often at greater risk of exposure to anthrax spores in conflict zones or during training exercises, making vaccination an essential component of their health protocols. Governments worldwide have recognized this risk, leading to the stockpiling of anthrax vaccines to ensure the readiness of armed forces. Military applications also involve the evaluation of vaccine efficacy in the face of potential bioattack scenarios, necessitating ongoing research and development of new vaccine formulations. The strategic importance of anthrax vaccines in military contexts continues to drive investment and interest in this sector.

Veterinary:

The veterinary application of anthrax vaccines is critical for the protection of livestock and to prevent zoonotic transmission to humans. Anthrax outbreaks in cattle and sheep can have devastating economic impacts on agriculture, food security, and public health. Vaccinators aim to maintain herd immunity in livestock populations to mitigate these risks. Veterinary anthrax vaccination programs are crucial in endemic regions, where the incidence of disease is heightened. The development of effective vaccines for veterinary use is essential for safeguarding agricultural livelihoods and ensuring the safety of food supplies. Increased awareness among farmers and agricultural stakeholders about the importance of vaccination is expected to boost demand in this segment.

Research:

Research applications for anthrax vaccines include the development of new formulations, evaluation of vaccine efficacy, and studies on the immune response. Academic and industrial researchers are actively engaged in exploring innovative technologies and methodologies to enhance vaccine effectiveness and safety. The ongoing research efforts are crucial for understanding the dynamics of anthrax infections and developing strategies for outbreak prevention and control. Moreover, research applications help inform public health policies and military preparedness plans, ensuring that effective vaccines are available in the face of potential anthrax threats. Increased investments in biodefense research are expected to drive growth in this application segment, leading to more robust anthrax vaccine options.

By Distribution Channel

Hospitals:

Hospitals play a vital role in the distribution of anthrax vaccines, particularly for human applications. These facilities are equipped to manage vaccination programs, including the storage and administration of vaccines. With the increasing recognition of anthrax as a potential bioweapon, hospitals are being equipped to handle mass vaccination campaigns in case of an outbreak or bioterrorism incident. The presence of trained healthcare providers ensures that vaccination is conducted safely and effectively, enhancing public trust in the vaccination process. Moreover, hospitals are crucial for monitoring and managing any adverse reactions post-vaccination, contributing to better outcomes across populations.

Clinics:

Clinics serve as essential distribution points for anthrax vaccines, particularly in urban areas where access to hospitals may be limited. These healthcare facilities offer convenient vaccination options for the general public, and are often the first point of contact for individuals seeking vaccinations. The ability of clinics to offer localized vaccination services enhances outreach efforts, increasing vaccination rates and ensuring broader community immunity. Furthermore, clinics often engage in public awareness campaigns about the importance of anthrax vaccination, especially in populations at high risk. The collaboration between clinics and public health agencies is crucial for ensuring the successful implementation of vaccination programs.

Online Pharmacies:

Online pharmacies are emerging as a significant distribution channel for anthrax vaccines, particularly for veterinary applications. The convenience of online shopping and the ability to access a wide array of products have made online pharmacies a popular choice among pet owners and livestock farmers. This distribution channel allows for easy ordering and delivery of vaccines, overcoming geographical barriers that may hinder access to veterinary care. Furthermore, the trend towards digital health solutions is facilitating online consultations and prescriptions, broadening access to necessary vaccinations. As regulations evolve, online pharmacies are expected to play an even larger role in the distribution of anthrax vaccines in the veterinary sector.

Veterinary Centers:

Veterinary centers are specialized facilities dedicated to animal health care, making them a crucial distribution channel for anthrax vaccines in the livestock sector. These centers are equipped with the necessary expertise and infrastructure to safely administer vaccines to animals. They often serve as the primary point of contact for farmers seeking vaccination services, providing education on best practices for preventing anthrax outbreaks in livestock. Veterinary centers also engage in community outreach initiatives to raise awareness about the health risks associated with anthrax, encouraging farmers to vaccinate their livestock proactively. This role is particularly vital in regions where anthrax is endemic, as effective vaccination can significantly reduce the incidence of disease in animal populations.

By Ingredient Type

Sterne Strain:

The Sterne strain is one of the most commonly used live attenuated strains for anthrax vaccines, particularly in veterinary applications. This strain is recognized for its safety and efficacy, making it a preferred choice for protecting livestock against anthrax infection. Vaccines based on the Sterne strain are capable of eliciting strong immune responses, leading to long-lasting immunity in animals. Due to its established track record, this strain is often used in mass vaccination campaigns aimed at controlling anthrax outbreaks in cattle and sheep. The continued research into the Sterne strain aims to enhance its efficacy further and improve its application in veterinary medicine.

Protective Antigen:

Protective antigen is a critical component of anthrax vaccines, particularly in subunit and conjugate formulations. This protein plays a vital role in eliciting an immune response, allowing the body to recognize and defend against anthrax infections. Vaccines incorporating protective antigen are designed to provide targeted immunogenicity while minimizing adverse effects associated with whole-cell vaccines. The use of protective antigen in vaccine development has led to significant advancements in safety and efficacy, making it a cornerstone of modern anthrax prevention strategies. Ongoing research is focused on optimizing the delivery and formulation of protective antigen to enhance its effectiveness in both human and veterinary applications.

Lethal Factor:

Lethal factor is one of the three key components of anthrax toxin, and its role in the pathology of anthrax infection has made it a target for vaccine development. Research into the use of lethal factor in vaccine formulations aims to create vaccines that not only prevent infection but also neutralize the effects of the toxin. Incorporating lethal factor into anthrax vaccines can enhance their protective capabilities, particularly in clinical settings where rapid response is necessary. Continued studies on the immunogenic properties of lethal factor are expected to contribute to the development of improved anthrax vaccines that offer broader coverage and effectiveness.

Edema Factor:

Edema factor is another component of the anthrax toxin that plays a pivotal role in the disease's progression. The inclusion of edema factor in vaccine formulations is being explored to develop vaccines that can provide comprehensive protection against anthrax infection. By targeting multiple aspects of the anthrax pathogen, vaccines incorporating edema factor aim to induce a more robust immune response and enhance overall efficacy. As research continues, the potential for edema factor-based vaccines to serve as effective preventative measures against anthrax infection is gaining attention, particularly in the context of biodefense and public health preparedness.

Other:

Other ingredient types in anthrax vaccines may include various adjuvants and stabilizers that enhance vaccine performance. Adjuvants are substances added to vaccines to improve the immune response by enhancing the body's recognition of the antigen. These ingredients play a critical role in ensuring that vaccines induce sufficient immunity against anthrax. The development of new adjuvants is an active area of research, aimed at improving the safety and efficacy of anthrax vaccines while minimizing side effects. Additionally, stabilizers help maintain the vaccine's integrity during storage and handling, crucial for ensuring their effectiveness. The ongoing innovation in ingredient types is expected to drive advances in anthrax vaccine development.

By Region

North America is expected to hold a significant share of the anthrax vaccine market, primarily driven by the presence of advanced healthcare infrastructure and the heightened focus on biodefense strategies. The U.S. government has invested heavily in research and stockpiling of anthrax vaccines as part of its national security initiatives. In addition, military and veterinary applications are particularly strong in this region, contributing to overall market growth. The North American market is projected to grow at a CAGR of 5.9% from 2025 to 2035, reflecting the ongoing commitment to public health and safety. The region's robust pharmaceutical and biotechnology sectors further bolster advancements in vaccine development.

In Europe, the anthrax vaccine market is also poised for significant growth, as countries are increasingly recognizing the need for preparedness against potential bioterror threats. The European market is characterized by a collaborative approach to research and development, with numerous partnerships between governments, academic institutions, and private companies. Veterinary applications play a crucial role in Europe, as anthrax outbreaks in livestock can have serious economic implications. The European market is projected to grow at a CAGR of 5.4% during the forecast period, as ongoing research and regulatory support continue to foster innovation in anthrax vaccine formulations. Other regions, such as Asia Pacific and Latin America, are gradually increasing their focus on vaccine development, driven by rising awareness and the necessity of outbreak prevention in livestock.

Opportunities

As the anthrax vaccine market continues to expand, numerous opportunities are emerging, particularly in the realms of research and technology innovation. The increasing prevalence of anthrax outbreaks in livestock presents a unique opportunity for vaccine development tailored specifically for veterinary applications. With livestock being a critical component of agriculture in many regions, the demand for effective vaccines can lead to a surge in market growth. Additionally, advancements in biotechnology and genetic engineering are enabling the development of novel vaccines with improved efficacy and safety profiles. By investing in research for new formulations and delivery methods, pharmaceutical companies can solidify their positions in this evolving market and cater to both human and veterinary health needs.

Another significant opportunity lies in global collaborations and partnerships aimed at addressing public health challenges associated with anthrax. The growing recognition of anthrax as a potential bioweapon has prompted governments and organizations to prioritize biodefense initiatives, resulting in increased funding for vaccine development. Collaborative efforts between public health agencies, military organizations, and pharmaceutical companies can lead to innovative solutions that enhance the availability and accessibility of anthrax vaccines. Furthermore, educational campaigns aimed at raising awareness of the importance of anthrax vaccination can drive demand and support vaccination initiatives in both military and civilian populations, creating a favorable environment for market growth.

Threats

The anthrax vaccine market does face certain threats that could impact its growth trajectory. One significant concern is the public perception of vaccine safety, especially given the historical context surrounding bioweapons and the potential for adverse reactions. Misinformation and fear surrounding vaccines can hinder vaccination campaigns and slow down efforts to achieve herd immunity in both human and veterinary populations. Moreover, the emergence of alternative treatments and preventive measures, including antibiotic use and other vaccines, could pose competition to traditional anthrax vaccines. It is crucial for stakeholders in the anthrax vaccine market to address these concerns through transparent communication and effective public health strategies to ensure sustained growth.

Another potential threat to the anthrax vaccine market is the regulatory environment, particularly concerning the approval processes for new vaccines. Stringent regulations and lengthy approval timelines can delay the introduction of innovative vaccine formulations, inhibiting market growth and limiting access to vital vaccination. Additionally, geopolitical factors may influence international collaborations and trade in vaccines, impacting global supply chains and distribution networks. Stakeholders must navigate these regulatory challenges while ensuring that vaccine development remains responsive to emerging threats and public health needs.

Competitor Outlook

• Emergent BioSolutions Inc.
• Sanofi Pasteur
• GlaxoSmithKline Plc.
• Pfizer Inc.
• Merck & Co, Inc.
• Vaxart, Inc.
• Inovio Pharmaceuticals, Inc.
• Valneva SE
• Bavarian Nordic A/S
• Novavax, Inc.
• Hualan Biological Engineering Inc.
• Indian Immunologicals Ltd.
• Intervet International B.V.
• Zydus Cadila Healthcare Ltd.
• Profectus BioSciences, Inc.

The competitive landscape of the anthrax vaccine market is characterized by the presence of several key players engaged in the development and commercialization of vaccines. These companies are focusing on enhancing their product offerings through research and development to create safer and more effective vaccines. Emergent BioSolutions Inc. is a prominent player in the market, known for its development of the BioThrax vaccine, which is widely used in the U.S. military and among at-risk populations. The company continues to invest in expanding its portfolio and improving vaccine delivery technologies, positioning itself as a leader in biodefense.

Sanofi Pasteur, as another major competitor, leverages its extensive experience in vaccine development to innovate and provide robust vaccination solutions. The company is recognized for its contributions to public health and is actively involved in research collaborations aimed at developing next-generation anthrax vaccines. Similarly, GlaxoSmithKline Plc. is engaged in vaccine research and has made substantial investments in biodefense initiatives, reinforcing its commitment to addressing anthrax threats. These companies, among others, are competing not only based on product effectiveness but also on their ability to navigate regulatory landscapes and meet market demands.

Additionally, emerging biopharmaceutical companies are entering the anthrax vaccine market, focusing on novel technologies such as DNA vaccines and subunit formulations. Firms like Inovio Pharmaceuticals and Vaxart are exploring innovative vaccine modalities that aim to improve immunogenicity and ease of administration. These advancements could reshape the competitive landscape, offering new options for vaccination against anthrax. As research efforts continue, the market is expected to see increased competition driven by the demand for improved vaccine solutions and strategic partnerships across the public and private sectors.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Valneva SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Pfizer Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Vaxart, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Novavax, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Sanofi Pasteur
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Merck & Co, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Bavarian Nordic A/S
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 GlaxoSmithKline Plc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Emergent BioSolutions Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Indian Immunologicals Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Intervet International B.V.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Profectus BioSciences, Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Inovio Pharmaceuticals, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Zydus Cadila Healthcare Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Hualan Biological Engineering Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Anthrax Vaccine Market, By Application
    • 6.1.1 Military
    • 6.1.2 Veterinary
    • 6.1.3 Research
  • 6.2 Anthrax Vaccine Market, By Product Type
    • 6.2.1 Live Vaccines
    • 6.2.2 Inactivated Vaccines
    • 6.2.3 Subunit Vaccines
    • 6.2.4 Conjugate Vaccines
    • 6.2.5 DNA Vaccines
  • 6.3 Anthrax Vaccine Market, By Ingredient Type
    • 6.3.1 Sterne Strain
    • 6.3.2 Protective Antigen
    • 6.3.3 Lethal Factor
    • 6.3.4 Edema Factor
    • 6.3.5 Other
  • 6.4 Anthrax Vaccine Market, By Distribution Channel
    • 6.4.1 Hospitals
    • 6.4.2 Clinics
    • 6.4.3 Online Pharmacies
    • 6.4.4 Veterinary Centers

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Anthrax Vaccine Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Anthrax Vaccine market is categorized based on

By Product Type

• Live Vaccines
• Inactivated Vaccines
• Subunit Vaccines
• Conjugate Vaccines
• DNA Vaccines

By Application

• Military
• Veterinary
• Research

By Distribution Channel

• Hospitals
• Clinics
• Online Pharmacies
• Veterinary Centers

By Ingredient Type

• Sterne Strain
• Protective Antigen
• Lethal Factor
• Edema Factor
• Other

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Emergent BioSolutions Inc.
• Sanofi Pasteur
• GlaxoSmithKline Plc.
• Pfizer Inc.
• Merck & Co, Inc.
• Vaxart, Inc.
• Inovio Pharmaceuticals, Inc.
• Valneva SE
• Bavarian Nordic A/S
• Novavax, Inc.
• Hualan Biological Engineering Inc.
• Indian Immunologicals Ltd.
• Intervet International B.V.
• Zydus Cadila Healthcare Ltd.
• Profectus BioSciences, Inc.