Microsoft Corp. MSFT, -0.03% co-founder Bill Gates said his foundation will spend billions of dollars to fund the construction of factories for the most promising efforts to develop a vaccine to combat the novel coronavirus.

Mr. Gates, a billionaire philanthropist who is one the richest people in the world, said the Bill and Melinda Gates Foundation will work with seven makers of a possible vaccine to build these factories. Mr. Gates, who announced the efforts in an appearance on “The Daily Show With Trevor Noah” Thursday, acknowledged that billions of dollars would be wasted on vaccines that won’t pan out.