LG Chem nets $200M contract to manufacture several vaccines
The South Korean chemical and life science producer LG Chem has roped in a multimillion-dollar contract to produce its polio vaccine.
LG Chem has secured a manufacturing contract worth $200 million for UNICEF to produce its polio vaccine called Eupolio and the pentavalent vaccine Eupenta, which is designed to prevent diphtheria, tetanus, hepatitis B, meningitis and pertussis.
LG Chem will produce $100 million-worth of its polio vaccine for two years, from 2024 through 2025. The contract for Eupenta will produce $100 million-worth of the vaccine for the next five years, starting this year through 2027. While no exact production amounts were given, LG Chem stated in its release that it will be supplying vaccines for around 80 million children globally.
“We were able to win a large-scale order from UNICEF based on the UN agency’s strong trust in LG Chem’s vaccine development and supply capabilities,” said Park Heui-sul, the head of LG Chems’ specialty care business unit, in a release.
Eupolio received prequalification from the WHO in 2020, and Eupenta netted one in 2016. The polio vaccine is the first Sabin-IPV to net WHO prequalification, and according to an LG Chem release, the vaccine uses Sabin poliovirus strains which can lead to a lower biosafety risk compared to wild-type polioviruses. LG Chem began the development of the vaccine in 2014 and invested in constructing a manufacturing facility for it in Osong, South Korea.
LG Chem has also been making strides in the M&A game as of late, taking Aveo Oncology private in a $566 million all-cash deal last October, which gave the South Korean manufacturer a commercial footprint in the US.