South Korean Covid-19 Vaccine Developer Surges on Market Debut

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A South Korean biotechnology company that is developing a vaccine to fight new strains of Covid-19 jumped on its first day of trading, after concluding Seoul’s biggest initial public offering in nearly four years

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By midmorning Thursday in Seoul, SK Bioscience Co.’s stock stood at 169,000 won a share, up 160% from its initial public offering price. Investor orders for the IPO topped $56 billion, greatly exceeding the $1.3 billion of shares on offer.such as the B.1.351 variant, which was first identified in South Africa and which has also been detected in the U.S. Emerging data suggests that this variant could be better at evading antibodies.

If trials are successful, SK Bioscience’s Covid-19 vaccine will contribute to a global aim of manufacturing 1 billion doses of second-generation vaccines by the end of next year, according to the Coalition for Epidemic Preparedness Innovations, a global group that is working to accelerate the development of vaccines.

The new vaccine has been funded by the Bill & Melinda Gates Foundation and CEPI. SK Bioscience also has agreements with AstraZeneca PLC and Novavax Inc. to manufacture and distribute their Covid-19 vaccines in South Korea.

 

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