RDIF, GL Rapha and ISU ABXIS to cooperate for production of Sputnik V in Korea
Moscow, April 15, 2021 – The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund), GL Rapha, one of the leading South Korean bio-tech companies, and ISU ABXIS (a subsidiary of ISU GROUP) have signed an agreement for technology transfer and production of the Russian Sputnik V vaccine against coronavirus in Korea.
In February 2021, GL Rapha completed organizing the consortium for production of Sputnik V in Korea including 8 leading pharmaceutical companies.
The agreement between RDIF, GL Rapha and ISU ABXIS is the first trilateral contract for technology transfer with a company belonging to the Korean consortium. The pilot production of the vaccine at the facility of ISU ABXIS located in Yong-In is expected to begin at the end of April.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Korea is one of our major partners for production of Sputnik V and thanks to the agreement with ISU ABXIS we expect to increase production facilities in the country. Sputnik V is approved for use in 60 countries with total population of 3 billion people and we keep ramping up the production to meet the rising demand for the Russian vaccine.”
Soohyun Jeong, Head of Business Development of ISU ABXIS, said:
“It is the first case of the consortium that officially signed a contract with RDIF along with the actual technology transfer and with continuous communication, ISU ABXIS, will do our best to settle the production technology and the sufficient supply of Sputnik V as soon as possible”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB2 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
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