[Featured Stock] SK Bioscience Rises 5% on Hopes for Korea's First Domestic COVID-19 Vaccine

[Asia Economy Reporter Lee Seon-ae] SK Bioscience's stock price is showing strength on expectations of approval from the Ministry of Food and Drug Safety (MFDS) for its COVID-19 vaccine. It is rising by over 5% in early trading.

At 10:16 a.m. on the 27th, SK Bioscience was trading at 108,000 KRW, up 4.88% from the previous trading day. The stock showed strength, rising as high as 111,000 KRW in early trading.

On this day, the MFDS will disclose the results of an expert meeting regarding the approval of SK Bioscience's COVID-19 vaccine "Skycovione Multi" (GBP510). However, these results do not immediately determine whether the product will be approved. The MFDS follows advisory procedures during COVID-19 vaccine approval reviews, including the ▲ Safety and Efficacy Verification Advisory Group ▲ Central Pharmaceutical Affairs Deliberation Committee ▲ Final Inspection Committee.

SK Bioscience applied for approval of Skycovione to the MFDS on April 29. While the average review period for pharmaceutical approvals by the MFDS is over 180 days, the goal for COVID-19 vaccines and treatments is to complete the process within 40 days.

Industry insiders believe that unless there are any unusual issues, the approval decision is likely to be made within this week. If approved, SK Bioscience is expected to establish itself as the first domestic company to hold a Korean-made vaccine.

This content was produced with the assistance of AI translation services.