SK Bioscience and Sanofi have started to conduct the U.S. phase 1 clinical trial for the next-generation pneumococcal vaccine after receiving U.S. Food and Drug Administration approval for their investigational new drug (IND) application.

SK Chemical, a parent company of SK Bioscience, concluded a joint development and sales contract for a next-generation pneumococcal vaccine with Sanofi Pasteur in 2014, with the aim of advancing into the global market.

Under the agreement, Sanofi Pasteur will cooperate with SK Bioscience to develop the entire pneumococcal vaccine development process, including licensing and marketing.

According to Data Monitor Healthcare, a global market research firm, the pneumococcal vaccine market is worth about 5.2 trillion won ($4.6 billion) in the U.S., Japan, and five EU countries in 2016. The firm expects that the market will grow to 7 trillion won by 2025.

“The company’s goal in creating a premium vaccine that will lead the global market through next-generation innovations is gradually coming to fruition,” SK Bioscience CEO Ahn Jae-yong said. “We will continue to improve human health through innovative vaccine technology.”

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