SKY Covione, a COVID-19 vaccine developed jointly by SK Bioscience and the Institute for Protein Design under the University of Washington / Courtesy of SK Bioscience

By Lee Kyung-min

SK Bioscience, a biotech affiliate of SK Group, said Monday that it has applied for a conditional approval for the use of SKY Covione, a COVID-19 vaccine, with the European Medicines Agency (EMA).

SKY Covione was developed jointly by the SK affiliate and the Institute for Protein Design (IPD) under the University of Washington.

The product development was funded by the Bill & Melinda Gates Foundation, a private foundation, and the Coalition for Epidemic Preparedness Innovations (CEPI), a global coalition launched at Davos in 2017.

It will be supplied to the global market through the COVID-19 Vaccines Global Access (COVAX) initiative, a worldwide program set up to enable equitable access to COVID-19 vaccines, upon making it onto the World Health Organization (WHO) Emergency Use List.

The vaccine adopted Adjuvant AS03, the trade name for a squalene-based immunologic adjuvant used in various vaccine products by GlaxoSmithKline (GSK), a British multinational pharmaceutical.

SKY Covione is a synthetic vaccine, considered safer compared to those originating from bacterial cultures. Creating vaccines synthetically is widely associated with the ability to increase the speed of production.

The product is highly immunogenic compared to AstraZeneca's Vaxzeria, a control vaccine, as evidenced by results of Phase 3 clinical trials, the SK affiliate said.

SKY Covione also triggered a high immune response against BA.1, of the Omicron variant family, when administered through booster shots, as indicated by extensive studies in Phase 1 clinical trials.

The SK affiliate expects the product will have a competitive edge in the global market, in need of a steady and stable supply of the key vaccine in the months to come.

Data from Airfinity, a global healthcare market analysis firm showed the global COVID-19 vaccine market surpassed $65.6 billion (78 trillion won) last year, twice the size of the $33 billion of the non-COVID vaccine market.

Market watchers say the figure will spike further to $84.9 billion this year. The expected 29 percent year-on-year increase will be lifted by surging demand from European countries. The European Centre for Disease Prevention and Control and the EMA lowered the minimum age group level required for the fourth round of vaccination to 60, down from 80 last month.

Data from the Korea Customs Service showed Korea's vaccine imports stood at $2.35 billion last year, a seven-fold increase from $340 million a year earlier.