Orion invests ￦5B in local vaccine maker Quratis

Industry

Published: 10 Sep. 2021, 14:15

Orion invests ￦5B in local vaccine maker Quratis

Heo In-cheol, left, vice chairman of Orion Holdings, and Quratis CEO Cho Kwan-gu take a photo after signing a memorandum of understanding for the technology transfer of a tuberculosis vaccine, on April 22 in Quratis’ plant in Cheongju, North Chungcheong. [ORION HOLDINGS]

Orion Holdings is investing 5 billion won ($4.3 million) in local vaccine maker Quratis for a technology transfer of QTP101, a tuberculosis vaccine candidate for adolescents and adults, the company announced Friday.

Orion Holdings aims to launch the vaccine in China, with the goal of strengthening its presence in the Chinese biopharmaceutical market. The two companies signed a memorandum of understanding promising the transfer in April.

Quratis, a Seocho, southern Seoul-based biopharmaceutical company specializing in developing vaccines, succeeded in producing meaningful results in Phase 2a clinical trials of the tuberculosis vaccine for adults and Phase 1 trials for adolescents, confirming their safety and efficacy.

It also signed a contract manufacturing deal to mass produce Russia’s Sputnik V Covid-19 vaccines as a member of a consortium led by Hankook Korus Pharm.

Orion Holdings aims to complete the technology transfer process within the year. In order to do so, the company in October signed an agreement with Jining, China-based Shandong Lukang Pharmaceutical to form a joint venture in China. Orion Holdings owns 65 percent of the joint venture and the Chinese company has the rest.

The size of China's biopharmaceutical market is valued at about 160 trillion won, Orion said.

“Orion has been making aggressive investments in local bio ventures like Quratis in an attempt to expand its bio business portfolio in the Chinese market,” said a spokesperson for Orion Holdings. “We will endeavor to launch an era of so-called K-bio in China by actively discovering bio technologies that local ventures own and successfully introducing them into the Chinese market.”

BY SARAH CHEA [chea.sarah@joongang.co.kr]