Access Bio signed an agreement with PharmGen Science and New Jersey’s IVY Pharma to jointly develop a biosimilar of Covid-19 mRNA vaccine as part of the global vaccine partnership between Korea and the U.S.

Under the accord, Access Bio and PharmGen Science will co-invest in IVY Pharma’s research on candidate material of Covid-19 mRNA biosimilar vaccine and cooperate for commercialization. In addition, Access Bio, PharmGen Science, and IVY Pharma will promote strategic collaboration to help resolve the imbalance in global vaccine supply and demand by providing their vaccines.

The development project for the candidate material was initially led by Dr. Sarfaraz Niazi, chief technology director of the development unit at IVY Pharma. Access Bio and PharmGen Science will be investing in the world’s first mRNA biosimilar vaccine for Covid-19.

The three companies plan to secure efficacy and safety and expect to shorten the development period of their vaccine candidate.

“As part of the Korea-U.S. cooperation on vaccine agreed upon in May and the recent global vaccine partnership, we plan to promote vaccine production by combining the U.S. vaccine development capability with domestic biopharmaceutical production capacity,” an Access Bio official said. “We will also provide more economical and faster vaccines by developing mRNA biosimilar Covid-19 vaccine through comprehensive collaboration.”