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Gates Foundation, Wellcome, Mastercard launch effort to combat coronavirus

The Bill & Melinda Gates Foundation, Wellcome, a U.K.-based health research foundation and Mastercard have committed a total of $125 million in seed funding to help develop treatments in response to the coronavirus outbreak. 

The COVID-19 Therapeutics accelerator will help evaluate new and repurposed drug treatments to combat the spread of the coronavirus. The Gates Foundation and Wellcome have committed $50 million each, while Mastercard has committed $25 million. 

"We're proud to join this crucial effort to combat COVID-19 in furtherance of our commitment to inclusive growth," Mike Froman, vice chairman of Mastercard, said in a company release. "This global challenge not only represents a risk to the health and safety of populations all over the world, but also poses a potential disruption to the economic vitality of millions of people, businesses and organizations worldwide."