PharmGen Science, a Korean biotech company, Thursday announced it has signed a memorandum of understanding (MOU) with U.S.-based AccessBio and IVY Pharma to co-develop and commercialize a biosimilar of an mRNA vaccine against Covid-19.

The MOU was signed during the KORUS Global Vaccine Business Round Table held in New York on Tuesday.

PharmGen Science is the largest shareholder of AccessBio. IVY Pharma, founded in 2005 in New Jersey, has been dedicated to the development of biopharmaceuticals and biosimilars. IVY Pharma has launched biosimilar products in more than 30 countries through various global alliances and partnerships.

Scientists have studied and developed an mRNA vaccine for more than 10 years with a goal of eradicating cancer, but the research was redirected as a preventive vaccine for Covid-19.

Under the MOU, PharmGen Science and AccessBio will jointly cover the expenses for the vaccine development project. They will directly participate in the commercial development of IVY Pharma`s Covid-19 mRNA vaccine biosimilar and regulatory approval.

PharmGen Science said the three companies have been pursuing strategic cooperation with the goal of resolving imbalances in the global vaccine supply.

The project is about the investment in the commercial development of the world`s first mRNA Covid-19 vaccine biosimilar candidate which was initiated by IVY Pharma`s chief technology officer Dr. Sarfaraz Niazi, said an official from PharmGen Science.

The former University of Illinois at Chicago professor is a pioneer in the field of biosimilars recognized worldwide. He has developed more than 1,000 generic, oncology, and biologic products.

Forbes Magazine recognized his lifetime’s achievement by calling him as `the Most Interesting Man Revolutionizing the Health World`.

By Lee Byung-moon and Minu Kim

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