LG Chem said Tuesday that the company signed a deal with the United Nations Children's Fund to supply two pediatric vaccines.
Under the deal, LG Chem will supply $100 million worth of its polio vaccine Eupolio and $100 million worth of pentavalent vaccine Eupenta, which works for five different indications including tetanus, diphtheria, pertussis, hepatitis B and Haemophilus influenzae.
LG Chem will supply Eupolio for two years from 2024, while the supply of Eupenta will begin this year and run through 2027.
LG Chem said the supply can help some 80 million infants and children get immunized against the diseases. The vaccines are expected to be shipped to mainly low- and middle-income countries, the company added.
In terms of polio vaccines, LG Chem’s supply accounts for 30 percent of the combined polio vaccines that UNICEF has ordered, the company said. A total of five companies made their bids, and LG Chem earned the largest share, it added.
“The business area involving essential vaccines and aid agencies are also relatively untouched by pharmaceutical giants that will focus on more lucrative markets,” an official from LG Chem said. “An upside of vaccine supplies to international aid agencies is that there is little or no marketing cost,” the official added.
Park Heui-sul, LG Chem Life Sciences Company senior vice president, said LG Chem will continue its investment in developing essential vaccines and increase cooperation with international aid agencies.
According to LG Chem, it plans to start a phase one clinical trial of an acellular-pertussis-containing pediatric hexavalent vaccine during this year.
LG Chem made its first deal with UNICEF in 1996 to supply the hepatitis B vaccine Euvax. LG Chem also received World Health Organization prequalification for Eupenta in 2016 and Eupolio in 2020.