HLB Therapeutics signs contract for COVID vaccine distribution rights

South Korea's pharmaceutical firm HLB Therapeutics Co. said on Monday that it has signed an agreement with the Korea Disease Control and Prevention Agency after being selected as a contractor to build and operate a storage and distribution system for the COVID-19 vaccine next year.

The estimated project volume registered on the Public Procurement Service’s KONEPS Market was 32 billion won($24.6 million), but HLB Therapeutics won the contract by under-bidding at 22.4 billion won, 9.6 billion won less than that projected amount. Meanwhile, GC Biopharma(Green Cross Corp.), which was a contractor this year, bid 32 billion won. The confirmed contract amount is 20.4 billion won except for the value-added tax.

The company explained that it has accumulated experience since last year by taking part in the distribution of the COVID-19 vaccine as a partner to SK Bioscience.

"We will do our best to achieve sales of more than 100 billion won within two years from now based on the technology and know-how of running the nationwide cold chain business for many years," said Lee Pil-hyung, executive director of HLB Therapeutics' Cold Chain Business Headquarters.

Write to Jeong Min Nam at peux@hankyung.com