PanGen Biotech and International Vaccine Institute (IVI) have signed a memorandum of understanding on their cooperation in the development of a recombinant coronavirus vaccine containing a specific protein subunit of the virus.
Under the MOU, the two will exchange information and technology for vaccine development and cooperate in the supply of necessary research materials, the Kosdaq-listed company said on Thursday.
PanGen shares jumped by their daily 30 percent limit to 11,650 won ($10.06) upon the news.
The two also agreed to explore promising shot candidates subject to commercial development or out-licensing.
PanGen is separately developing a subunit coronavirus vaccine based on its CHO-TECH platform technology for mass production in partnership with CHA Vaccine Institute. The company is eyeing for preclinical and clinical production of vaccine materials at its GMP-grade site.
IVI headquartered in Seoul is an independent, non-profit international organization established under the Vienna Convention and by the United Nations Development Programme (UNDP). It plays a role as a research arm to promote the research, development and distribution of vaccines to be used in the global public health environment.
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