LG Chem Ltd., South Korea's top chemical firm, said Wednesday that it has received a US$12.6 million grant from the Bill & Melinda Gates Foundation to develop a new polio vaccine.
The grant will be used to expand LG Chem's facility in South Korea and conduct medical trials of its new polio vaccine in overseas countries, LG Chem said in a statement.
Since 2014, LG Chem has been developing an inactivated vaccine for polio, with a second-phase medical trial planned.
LG Chem said it plans to produce the inactivated vaccine for polio in 2020 after receiving an approval from the World Health Organization.
The company has been beefing up its drive to boost its bio and medical businesses as part of its effort to diversify its revenue sources.
Last year, LG Chem merged with its bio unit, LG Life Sciences Ltd.
LG Chem also took over a local pesticides and fertilizer maker, Dongbu Farm Hannong, for 425 billion won last year.
The takeover push comes as LG Chem faces a growing challenge from Chinese rivals in its flagship chemicals and electric car battery businesses. (Yonhap)