SK bioscience said on Tuesday that it signed a research collaboration agreement with the Peter Doherty Institute for Infection and Immunity for global influenza prevention and response.

The Doherty Institute, one of the world's top three sources of influenza strains, is affiliated with the University of Melbourne in Australia. The institute also collaborates with WHO Collaborating Centres for Reference and Research Influenza (WHOCCRRI).

The Korean vaccine maker and the Doherty Institute will work together to support and further research in influenza biology, vaccines, and antivirals including testing of anti-influenza compounds to identify new antivirals, capacity building in low- and middle-income countries of the region and the development of a new influenza vaccine platform.

According to Fortune Business Insights, the global influenza vaccine market is expected to reach $13.58 billion (17.81 trillion won) by 2029, at a CAGR of 8.8 percent from $7.54 billion in 2022. 

"We look forward to synergizing our expertise in developing the world's first tetravalent cell-cultured influenza vaccine together with support from the Doherty Institute," said SK bioscience President and CEO Ahn Jae-yong. "We will continue to strengthen existing collaborations with global organizations and expand collaborations in new areas to lead the establishment of a global infectious disease prevention ecosystem." 

"Through this collaboration, we will continue to foster innovation and share knowledge to respond to global crises and expand our impact," said Sharon Lewin, Director of the Doherty Institute.