Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
LG Chem gets $33.4 mil. from Gates Foundation for vaccine development
LG Chem researchers work at LG Science Park in western Seoul in this photo provided by the firm, Monday. / Courtesy of LG Chem
By Baek Byung-yeul
By Baek Byung-yeul
LG Chem received a $33.4 million grant from the Bill & Melinda Gates Foundation to develop a combination vaccine that can be used to prevent childhood disease, the chemical arm of LG Group said Monday.
“We received a grant from the Gates Foundation to develop a hexavalent or 6-in-1 vaccine,” an LG Chem official said.
The hexavalent or 6-in-1 vaccine will be used to prevent six diseases ― diphtheria, tetanus, whooping cough or pertussis, hepatitis B, polio and haemophilus influenza B. The new vaccine is easier and more convenient to store compared to storing separate vaccines for each disease, the official added.
Founded by Microsoft founder Bill Gates and his wife Melinda in 2000, the Bill & Melinda Gates Foundation is the world's largest private foundation.
LG Chem said the grant will help the firm speed up development of the 6-in-1 vaccine.
“Many young children worldwide are still exposed to various kinds of infectious diseases because many miss inoculation schedules,” said Son Jee-woong, head of the firm's life sciences division.
“With the support from the Bill & Melinda Gates Foundation, we will contribute to solve this public health issue by completing the development of the hexavalent vaccine as soon as possible.”
LG Chem explained there so far is no such combination vaccine that is qualified with Pre-Qualification (PQ) from the World Health Organization (WHO).
“We are preparing for a second phase clinical trial and planning to supply it to UNICEF and other organizations after 2023,” the firm said.
This is the second time that the firm has received a grant from the Gates Foundation. In 2017, it received $19,504,126 to develop a new polio vaccine.
“The polio vaccine is currently in phase three of clinical trials and is scheduled to hit the market in 2021,” the official said, adding it expects it will solve worldwide issues for polio vaccines.
LG Chem was the first Korean company to produce a genetically modified hepatitis B vaccine Euvax and has supplied it to more than 200 million infants globally through UNICEF. The firm also won a UNICEF contract for its pentavalent (5-in-1) vaccine Eupenta, which has been given to about 30 million infants.