Korea’s Green Cross wins record $37mn flu vaccine deal from a WHO body

Green Cross Corp., a South Korean pharmaceutical company, has clinched a record $37 million single deal to export its flu vaccines to an international health organization.

Green Cross said on Monday it will deliver its flu vaccines for the southern hemisphere this year under the deal with the Pan American Health Organization (PAHO), the regional office for the Americas of the World Health Organization (WHO).

Kospi-listed shares of Green Cross closed Tuesday at 155,500 won ($138.8), up 0.32 percent from the previous session in Seoul trading.

The latest deal marks the largest ever value in its flu vaccine export contract, exceeding last year’s total vaccine supply to the region by 15 percent. Overseas sales would amount to $200 million since it first came up with its own flu vaccine in 2009.

Its flu vaccine prescription won WHO prequalification accreditation for the first time from Asia and second in the world. Green Cross has maintained its top spot in the PAHO market, one of the world’s largest vaccine purchasers, since 2014.

“Our vaccine manufacturing technology made us make such fast headway in flu vaccine business over a short period of time. Our strategy of targeting the international health organizations also helped,” said the company.

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