SEOUL, June 21 (Yonhap) -- SK Bioscience Co., a major South Korean pharmaceutical firm, said Monday it plans to invest 150 billion won (US$132 million) through 2024 to expand its production capacity of COVID-19 vaccines.
SK Bioscience said the investment is meant to increase the production capacity of the production line based in Andong, about 270 kilometers south of Seoul.
The pharmaceutical firm said the move comes in line with the growing demand for COVID-19 vaccines.
Currently, SK Bioscience produces British-Swedish pharmaceutical giant AstraZeneca's COVID-19 vaccine in South Korea under a partnership deal.
Last year, the affiliate under SK Group also signed a deal with the U.S. vaccine producer Novavax for consignment production of the Novavax COVID-19 vaccine.
In May, the company's production line also won a Good Manufacturing Practice certification from the European Medicines Agency.
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