HCMC – South Korean pharmaceutical firm HLB has signed a memorandum of understanding with Nanogen Pharmaceutical Biotechnology JSC, producer of Vietnam’s Nano Covax Covid-19 vaccine candidate, to acquire the rights to distribute the vaccine worldwide, except in Vietnam and India, when the vaccine is approved for use.
Accordingly, Nanogen will transfer the vaccine production technology to the South Korean company so that the latter can produce and sell the vaccine and conduct global marketing campaigns, Lao Dong newspaper reported.
The two sides planned to finish their negotiations after their scientists complete reviewing the clinical data on Nano Covax within the next three months.
Nano Covax is the only Covid-19 vaccine candidate undergoing the third trial phase in Vietnam, which involves some 13,000 volunteers, and Nanogen is awaiting the Ministry of Health’s approval for the emergency use of the vaccine.
After the third trial phase, Nanogen will seek the World Health Organization’s approval for its vaccine. The company sent a vaccine sample to the organization last month.
HLB Chairman Jin Yang-gon is one of the directors of Nanogen, while his company’s affiliate, NextScience, is Nanogen’s third largest shareholder, holding a 10.4% stake in the company.
HLB Pharmaceutical, an arm of HLB, also signed an MoU with Nanogen in December last year to expand its presence in the global pharmaceutical market.
Early this month, Vekaria Pharmaceutical Group, one of the largest pharmaceutical firms in India, signed an agreement with Nanogen to supply Nano Covax in India.