The EU is set to allocate a total €90 million (nearly $99 million) investment in a public-private partnership between the EU and the pharmaceutical industry to help tackle coronavirus, it said on Tuesday.

Calling for research proposals under the Innovative Medicines Initiative by the end of March focusing on developing treatments and diagnostics to tackle the coronavirus outbreak, the EU aims to increase preparedness for the future, according to a statement on the European Parliament website.

Half of the expected investment will come from the EU budget and the rest from industry, it said.

The EU has allocated €47.5

Read more: $99M EU grant for public-private efforts against virus