South Korea`s SK Bioscience will invest 150 billion won ($132 million) by 2024 to expand vaccine production capacity and equip its plant to make new mRNA and viral vector vaccines.

The contract manufacturer of Covid-19 vaccines developed by AstraZeneca and Novavax said in a statement on Monday it has signed an agreement with the government of North Gyeongsang Province and the city of Andong to buy some 10 hectares of additional production space near its current plant to add vaccine production and new vaccine platform facilities.

The company’s vaccine plant called L House is currently rolling out coronavirus vaccines developed by AstraZeneca and Novavax under CMO contracts signed last year.

With the latest capex plan, SK Bioscience aims to position itself as a global hub for vaccine production. Its facility recently received European Union Good Manufacturing Practices (GMP) certification to enable vaccine shipment to Europe. In addition, the company’s in-house cell culture flu and varicella vaccines passed the rigorous WHO PQ certification process.

In order for the Korean vaccine industry to become a global hub for vaccine production, the central and local governments and the private sector need to collaborate, said SK Bioscience CEO Ahn Jae-yong.

The government will focus on creating jobs by fostering Andong and North Gyeongsang Province as a base for the vaccine industry, said North Gyeongsang Gov. Lee Cheol-woo.

By Park Yoon-gyun and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]