The Bill and Melinda Gates Foundation, along with Gavi-The Vaccine Alliance, will provide at-risk funding of $150 million to Serum Institute of India to support the production of two promising vaccines by University of Oxford and Novavax on the condition that the Pune-based firm prices the two vaccines at a maximum of $3 per dose. Under the pact, Serum Institute will receive funding from the Gates Foundation through Gavi-The Vaccine Alliance, and also become part of the Gavi Covax Advance Market Commitment mechanism for equitable access to vaccines for India and other low and middle-income nations.