Wellbiotech Joins Russian COVID-19 Vaccine 'Covivac' Project with MPC Investment of 7 Billion KRW

[Asia Economy Reporter Hyunseok Yoo] Wellbiotech, a KOSPI-listed company, has invested in the Russian next-generation COVID-19 vaccine ‘KoviCac’ business.

Wellbiotech announced on the 15th that it has decided to invest 7 billion KRW in Moscow Partners Corporation (MPC), which holds exclusive rights for domestic contract manufacturing and ASEAN country distribution of ‘KoviCac’. MPC is a special purpose company (SPC) established in Korea to specialize in the production of Russian vaccines, including ‘KoviCac’.

Wellbiotech CEO Koo Se-hyun stated, “Starting with the investment in the ‘KoviCac’ vaccine project, we plan to discuss various business strategies that can leverage Wellbiotech’s capabilities such as ▲cold chain-based distribution system ▲cleanroom construction ▲and BSL (Bio Safety Level) upgrade construction of CMO facilities,” adding, “Around the time the phase 3 clinical trials of the ‘KoviCac’ vaccine are expected to conclude by the end of May, we anticipate creating diverse business opportunities in both domestic and global markets.”

The next-generation COVID-19 vaccine ‘KoviCac’, developed by the Russian Chumakov Institute of Federal Scientific Research, was developed using the most widely accepted vaccine platform technology that administers an inactivated coronavirus to the human body to induce antibody formation. The Chumakov Institute of Federal Scientific Research was established based on the Soviet Union’s Academy of Medical Sciences’ poliomyelitis and encephalitis research institute and is today one of Russia’s most prestigious research centers in the field of virology.

According to the Chumakov Institute, ‘KoviCac’, which received conditional approval in Russia last February, demonstrated preventive and safety efficacy exceeding 92% in phase 2 clinical trials, surpassing the approximately 91.6% preventive effect shown by the ‘Sputnik V’ vaccine in its phase 3 results. As an inactivated vaccine effective against variant viruses and capable of refrigerated storage at temperatures up to 8 degrees Celsius, the company explains that it also has price competitiveness.

Last year, Wellbiotech sold its main business division, the leather business. Recently, aiming to promote new growth businesses, it acquired Kumyoung ENG, a specialized company in cleanroom and dryroom air conditioning equipment used in semiconductor, secondary battery, and bio process facilities, and is transforming itself into a bio logistics specialized company.