SLS Bio, a Kosdaq-listed developer of pharmaceuticals and diagnostic reagents, said it has entered into a contract with a global pharmaceutical company for the quality inspection and management testing of mRNA vaccines, without providing the name of the mutinational pharma.
According to SLS Bio, the company plans to start quality inspection and management in the first half of 2024, following a technology transfer regarding the vaccine from the contracting company.
However, the company refrained from specifying the identity of the contracted party, citing contractual reasons.
As a result of this contract, SLS Bio expects a significant increase in sales and operating profit of its pharmaceutical business division, as the testing and inspection fees for antibody pharmaceuticals and vaccines are 5 to 10 times higher than for traditional chemical products.
"Many pharmaceutical companies worldwide are engaging in research and development of various vaccines and medicines using mRNA technology, leading to the expectation of a significant expansion in the related market size in the future," SLS Bio CEO Lee Young-tae said. "The contract with a multinational pharmaceutical company positions us to become a leading company in the market for mRNA vaccine and medicine quality inspection."
SLS Bio also revealed that it is in the final stages of negotiations for another contract with a different multinational pharmaceutical company for the quality inspection and management of a next-generation live influenza vaccine.
Shares of SLS Bio jumped 9.6 percent to trade at 5,080 won ($3.91) as of 10:36 a.m. on Monday.