Samsung BioLogics shares ease after jumping on vaccine deal (updated)

SK Bioscience Co

24/05/2021 07:48

(Adds detail, comments throughout, updates prices)
    By Sangmi Cha and Joyce Lee
    SEOUL, May 24 (Reuters) - Samsung BioLogics'  207940.KS 
shares ended lower on Monday, after rising as much as 5.2% on
the South Korean contract drug maker's deal to make Moderna's
 MRNA.O  COVID-19 vaccine, one of four such contracts announced
in the country.
    The companies gave no details on how many vaccines will be
made as part of the "fill and finish" deal that will run through
2022. This type of a contract involves putting vaccines into
vials or syringes, sealing them and packaging them up for
shipping, but not making the vaccine itself.  urn:newsml:reuters.com:*:nL2N2N90AM
    It was also unclear if the Moderna deal would mean faster
access to more doses for South Korea, which has managed to give
just 7.4% of its 52 million population at least one dose due to
supply snags.
    U.S. vaccine maker Novavax  NVAX.O  also reaffirmed its
partnership with South Korean firm SK bioscience Co Ltd
 302440.KS  to expand vaccine production. SK shares rose 1.9%
compared to a 0.3% fall in the wider market  .KS11 .
    Samsung BioLogics pared gains to close down 0.4%, while SK
bioscience shares closed up 0.9% compared with a 0.4% fall in
the wider market  .KS11 . 
    The announcements came after South Korean President Moon
Jae-in visited U.S. President Joe Biden, and the two leaders
promised to collaborate on vaccines.
    Moon had hoped to return home with a "swap" deal with
Washington to hasten access to U.S.-made shots in return for
domestically producing more doses later, but secured vaccines
for only 550,000 South Korean soldiers.  urn:newsml:reuters.com:*:nL4N2MT1ZB
 urn:newsml:reuters.com:*:nL2N2N71TW
    South Korea already had a deal with Moderna to procure 40
million doses of its vaccine, but no timeline had been agreed.
    The first batch of 55,000 Moderna doses will arrive on May
31, the Korea Disease Control and Prevention Agency said on
Monday, adding that the drug safety ministry will decide later
who will get those doses.
    Moon, whose approval ratings have slipped over his handling
of the pandemic, called the summit a success, saying the
country's vaccine partnership with the United States will help
make it a "vaccine hub."
    "Best ever visit and best ever meeting," he tweeted.
    "The announcement that the U.S. would send vaccines to us,
in addition to 'Vaccine Partnership', was literally a surprise."
    But South Korea's opposition denounced Moon for "paying
cash, but returning with just a promissory note".
    "How did we become a country that is moved to tears with
vaccine aid for just 550,000 soldiers from the United States?"
Daegu Mayor Kwon Young-jin said on Facebook.

 (Reporting by Joyce Lee, Sangmi Cha; Editing by  Sayantani
Ghosh and Jacqueline Wong)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))