Green Cross inks $37mln flu vaccine deal
SEOUL, March 20 (Yonhap) -- Green Cross Corp., a South Korean pharmaceutical company, said Monday it has bagged a US$37 million deal with an international health organization to provide its flu vaccines.
Under the deal with the Pan American Health Organization (PAHO), Green Cross will deliver the flu vaccine for the southern hemisphere.
PAHO is the regional office of the World Health Organization (WHO) and is responsible for improving the health and living standards of countries in the Americas.
In 2010, the drug firm started delivering the vaccine to PAHO in the wake of an influenza outbreak, and with the latest deal, its accumulated exports of the vaccine topped $200 million.
Green Cross developed the country's first flu vaccine, GC Flu, in 2008. Previously, South Korea had imported all its flu vaccines.
"The company has strengthened its status in the global market by taking the No. 1 position in the flu sector in the bidding market of PAHO," said a company official.
Shares of Green Cross were trading at 155,500 won on the Seoul bourse as of 2:20 p.m., up 0.97 percent from the previous session's close.