GC Green Cross and Korea Vaccine have entered into a partnership for contract manufacturing of pre-filled syringes (PFS) for vaccines. This collaboration is seen as a strategic move to ensure production stability amid increasing supply chain uncertainties in the vaccine market.
The two companies aim to enhance their finished pharmaceutical production capabilities while improving their responsiveness to emergencies such as pandemics.
On July 9, GC Green Cross and Korea Vaccine signed a memorandum of understanding (MOU) for vaccine CMO business cooperation at Korea Vaccine's headquarters in Ansan, Gyeonggi Province.
The agreement establishes a collaborative framework for the overall contract manufacturing of vaccine PFS and accelerates the expansion of production capacity.
GC Green Cross plans to diversify its production infrastructure for its flagship flu vaccine, 'GC Flu,' to strengthen supply chain stability both domestically and internationally. Additionally, the company aims to secure a manufacturing and supply base for a high-immunogenic flu vaccine currently under development, targeting product approval within the next three years.
The company emphasized the significance of proactively securing finished vaccine production capacity that can be utilized immediately in the event of a global public health crisis or pandemic. They believe that establishing a stable production system is directly linked to business competitiveness in a rapidly changing vaccine demand landscape.
Korea Vaccine provides various biopharmaceutical contract manufacturing services based on its GMP facilities that meet World Health Organization (WHO) prequalification and Pharmaceutical Inspection Co-operation Scheme (PIC/S) standards. With experience in producing seasonal influenza vaccines and transdermal BCG vaccines, the collaboration is expected to lead to actual production stability.
Shin Woong, head of operations at GC Green Cross, stated, "By combining the core competencies of both companies, we will enhance supply chain stability and contribute to the timely delivery of high-quality vaccines." Park Hong-kyo, head of the Korea Vaccine Bio Plant, also noted, "We have established a faster and more stable vaccine supply system."
Meanwhile, GC Green Cross announced that it has received approximately 286.8 billion won in contract payments related to the transfer of shares from Eli Lilly to its U.S. affiliate, Curevo Vaccine.
On July 9, GC Green Cross received 286.8 billion won from Eli Lilly as part of an upfront payment of 308.7 billion won, which will be paid within six business days upon fulfillment of closing conditions. If additional subsequent conditions are met, the remaining contract payment of 21.9 billion won will also be received.
A representative from GC Green Cross stated, "All closing conditions related to the share transfer agreement between Curevo and Eli Lilly, signed in May, have been fulfilled, and the receipt of the contract payment has been completed. This amount is expected to be recognized as net income in the third quarter of this year."
* This article has been translated by AI.
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