S.Korean vaccine developer Quratis eyes Iraqi market

South Korean vaccine developer Quratis Inc. on Wednesday announced its signing of a term sheet on the direction and major transaction terms of cooperation in vaccine platform technology with the Health and Medical Education Authority under Iraq’s Imam Hussain Holy Shrine and Korea-Iraq Friendship Foundation.

This deal is the first step in the full-fledged launch of joint projects such as technology transfers of vaccine platforms and construction of a plant and research center both for vaccines in Iraq.

The deal included terms of transactions worth 25 billion won ($18.6 million) like consultations on building a vaccine plant effective in Iraq’s situation and development of vaccine platform technology. Quratis said it expects the business to reach hundreds of billions of won in value after it begins construction of the factory in Iraq.

“This contract includes a deal to develop essential vaccines in Iraq against endemic diseases,” a Quratis source said. “Iraq has no commercial vaccines against endemic diseases, so our vaccine development will contribute to overcoming such ailments.”

The company said Iraq holds high development potential because of its diverse below-ground resources. Demand for medicine there has continuously grown and interest in vaccines has risen due to COVID-19.

The shrine is one of Iraq’s most influential foundations with many organizations under its umbrella including the authority. The latter oversees medical care in the country including medicine, pharmaceuticals, education, medical devices and supplies, and public health and has a national network of major hospitals.

Write to In-Hyuk Park at hyuk@hankyung.com