Chinese pharmaceutical company Fosun Pharmaceutical will buy at least 100 million doses of the coronavirus vaccine developed by Germany's BioNTech, AFP reported.

China is currently developing probable COVID-19 vaccines on its own, but local companies are also working with foreign partners to supply the country with coronavirus vaccines.

The Chinese company said its subsidiary has agreed with a German firm to secure vaccine shipments to China, adding that it will pay € 125 million for 50 million doses by the end of the year.

It would pay the remaining € 125 million after receiving permission to commercialize the German vaccine in China.

The agreement does not specify when the remaining 50 million doses will arrive.

The Pfizer and BioNTech vaccines have already been approved for emergency use in countries such as the US, UK, and Singapore.