Scientists are attempting to come up with vaccines for new and emerging diseases before they become global health emergencies.
Researchers are initially targeting diseases which have the potential to cause serious epidemics including Middle East respiratory syndrome coronavirus (MERS-CoV), Lassa and Nipah viruses.
The Coalition for Epidemic Preparedness Innovations (CEPI) aims to develop two promising vaccine candidates against each disease before an epidemic strikes.
Overall, an initial investment of 460 million US Dollars has come from the governments of Germany, Japan and Norway, plus the Bill and Melinda Gates Foundation as well as the Wellcome Trust.
Medical research charity the Wellcome Trust has pledged to donate 100 million US dollars over the next five years to the project.
The coalition, which has launched at the World Economic Forum in Davos, Switzerland, has also called for more investors to come forward as it is looking to raise another half billion US dollars by the end of this year.
Dr Jeremy Farrar, director of the Wellcome Trust, said: "We know from Ebola, Zika and SARS that epidemics are among the significant threats we face to life, health and prosperity.
"Vaccines can protect us, but we've done too little to develop them as an insurance policy.
"CEPI is our chance to learn the lessons of recent tragedies, and outsmart epidemics with new vaccine defences.
"If others join us in supporting CEPI, we can realise our goal of creating a safer world."
Bill Gates, co-chair of the Bill and Melinda Gates Foundation, added: "Ebola and Zika showed that the world is tragically unprepared to detect local outbreaks and respond quickly enough to prevent them from becoming global pandemics.
"Without investments in research and development, we will remain unequipped when we face the next threat.
"The ability to rapidly develop and deliver vaccines when new 'unknown' diseases emerge offers our best hope to outpace outbreaks, save lives and avert disastrous economic consequences."
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