SK Bioscience Co. shares advanced Wednesday after its Covid-19 vaccine candidate secured final approval for use from local health authorities in South Korea.
Shares in the South Korean vaccine maker rose 5.6% to 114,000 won ($88.21) in early afternoon trading, when the broader market index Kospi fell 1.5%.
The Ministry of Food and Drug Safety's approval of the biotech company's SKYCovione jab made it the country's first homegrown Covid-19 vaccine.
SK Bioscience, formerly a contract manufacturer of AstraZeneca PLC's vaccine, said it is now seeking to get emergency-use approval for SKYCovione in other countries and from the World Health Organization.
The company said that clinical-trial data show that SKYCovione helped form about three times more neutralizing antibodies than AstraZeneca's vaccine.
The global Phase 3 clinical trial of SKYCovione involved 4,037 adults and the efficacy test group received two doses at four-week intervals, the company said.
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