EuBiologics
EuBiologics is a South Korean biopharmaceutical company (KOSDAQ: 206650) that develops, manufactures, and supplies WHO-prequalified oral cholera vaccines to UNICEF and global health agencies, with a pipeline spanning conjugate, RSV, shingles, and Alzheimer's vaccines built on proprietary EcML adjuvant and rCRM197 carrier protein platforms.
- Company typePublic
- Founded2010
- HeadquartersSeoul, South Korea
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What EuBiologics does
EuBiologics Co., Ltd. (KOSDAQ: 206650) is a South Korea-based biopharmaceutical company founded in March 2010 that develops, manufactures, and commercializes vaccines targeting infectious diseases prevalent in low- and middle-income countries, with a strategic pipeline expansion into higher-value indications. The company's core commercial franchise is its WHO-prequalified oral cholera vaccine (OCV) family — Euvichol (2015), Euvichol-Plus (2017), and Euvichol-S (2024) — which are supplied primarily through long-term UNICEF procurement agreements to global cholera-endemic regions. The underlying technology platform is built around three proprietary assets: EcML, a TLR4 agonist adjuvant produced from genetically modified E. coli with ≥90% hexa-acylated purity (licensed from KIST in 2017); rCRM197, a recombinant carrier protein with 10x higher yield than natural CRM197 used in conjugate vaccines; and the SNAP/CoPoP liposome nanoparticle platform accessed via the US joint venture EUPOP Life Sciences with POP Biotechnologies.
The business model operates through four revenue streams: (1) commercial vaccine product sales (Euvichol family plus EuCorVac-19 COVID-19 vaccine) supplied through UNICEF/WHO procurement channels at affordable prices for low-income countries; (2) CRMO (Contract R&D and Manufacturing Organization) services spanning cell line development through commercial GMP production; (3) technology transfer and licensing agreements with regional manufacturers (e.g., Biovac for pentavalent meningococcal conjugate vaccine in South Africa); and (4) adjuvant (EcML) and carrier protein (rCRM197) sales to vaccine developers and research institutions at unit pricing ($200/mg and $260,000/mg respectively). Manufacturing is conducted at two EU-GMP/cGMP-compliant plants in Chuncheon (C Plant and V Plant), with a third plant ($76.8M / 111.5 billion won investment) approved in February 2026 for completion through 2028 to support pipeline products (typhoid, meningococcal, RSV, Herpes Zoster, Alzheimer's). Customers are concentrated among international public health organizations (UNICEF, WHO, GAVI), Korean government health agencies (KDCA), and biopharmaceutical companies requiring CRMO services.
Leadership is split between Co-CEOs Yeong-Ok Baik (Production/Quality/R&D) and Tae-Young Heo (Management Administration), supported by two Vice Presidents heading Production and R&D. The company reported 2024 revenue of 149 billion KRW (~$106M USD), up 76.8% year-over-year, and operating profit of 60.7 billion KRW (~$43M USD), up 55.4% year-over-year. Geographically, EuBiologics operates a Boston-area R&D subsidiary (EUPOP Life Sciences, JV with POP Biotechnologies, established 2020) and serves markets across East Asia, Southeast Asia, South Asia, Africa, the Caribbean, and the EAEU region (the latter enabled by December 2024 EAEU GMP certification).
EuBiologics firmographics
Firmographics- Name
- EuBiologics
- Legal name
- EuBiologics Co., Ltd.
- Website
- https://eubiologics.com
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- EuBiologics is a South Korean biopharmaceutical company (KOSDAQ: 206650) that develops, manufactures, and supplies WHO-prequalified oral cholera vaccines to UNICEF and global health agencies, with a pipeline spanning conjugate, RSV, shingles, and Alzheimer's vaccines built on proprietary EcML adjuvant and rCRM197 carrier protein platforms.
- Ownership category
- akta.pro rank
EuBiologics industry classification
Industry- Product category
- Biopharmaceutical Vaccines
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Infectious Disease & Pandemic Preparedness Vaccines (emerging pathogens) (HLAAAEAC)
- akta.pro secondary industries
- Travel & Tropical Disease Vaccines (HLAIAEAE), Vaccine Adjuvants & Formulation Systems (HLAIAEAI), Vaccine Fill-Finish, Packaging & Cold-Chain Formulation (vial/syringe, lyophilization, thermostable) (HLAAAEAJ)
Keywords
Where EuBiologics is headquartered
LocationHeadquarters
- HQ city
- Seoul
- HQ country
- South Korea
- HQ region
- Asia
Offices5 records
Markets served
EuBiologics business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Vaccine Product Sales: Sale of WHO-prequalified oral cholera vaccines (Euvichol, Euvichol-Plus, Euvichol-S) and pipeline vaccines to international organizations and governments. Revenue includes product supply contracts with UNICEF and other global health agencies.
- CRMO Services: Contract Research and Manufacturing Organization services providing cell line development, process development, GMP manufacturing, and regulatory support for biomedicines from early clinical to commercial production stages.
- Technology Transfer and Licensing: Revenue from technology transfer agreements for proprietary technologies (EcML, CRM197) and vaccine candidates (meningococcal vaccines, typhoid vaccines) to international partners including Biovac and other regional manufacturers.
- Adjuvant and Carrier Protein Sales: Sale of EcML™ and rCRM197™ as research and commercial-grade immune enhancers and carrier proteins to vaccine developers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | EcML™ adjuvant - research and commercial grade |
| Unit Pricing | Pay-as-you-go | rCRM197™ carrier protein |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
EuBiologics product offering
Product offeringCore offering
EuBiologics develops, manufactures, and supplies vaccines — primarily WHO-prequalified oral cholera vaccines (Euvichol, Euvichol-Plus, Euvichol-S) and a COVID-19 vaccine (EuCorVac-19). The company also sells proprietary immune-enhancing adjuvants (EcML platform) and recombinant carrier proteins (rCRM197), licenses technology, and offers CRMO contract R&D and GMP manufacturing services to biopharmaceutical clients.
Product overview
EuBiologics is a Korean biotech company specializing in vaccine development and manufacturing. The company's product portfolio centers on three core areas: (1) Commercial Vaccines: Three oral cholera vaccines (Euvichol®, Euvichol®-Plus, Euvichol®-S) and one COVID-19 vaccine (EuCorVac-19™); (2) Immunostimulants/Adjuvants: EcML™ platform including liposome formulations (ELS, ECLS) and combinations with Alum and QS-21; (3) Carrier Proteins: rCRM197™ for conjugate vaccines. Pipeline includes 9 vaccines in development (Typhoid, Meningococcal quadrivalent/pentavalent, Pneumococcal, RSV, Herpes Zoster, HPV, Alzheimer's, COVID-19). Key platform technologies include EuIMT™ (immune modulation) and EuVCT™ (vaccine conjugation). The company also offers CRMO contract manufacturing services from research through commercial production.
Differentiator
Problem solved
Functional benefit
Brands
- Euvichol: Oral cholera vaccine (OCV) - flagship product
- Euvichol-Plus
- Euvichol-S
- EuCorVac-19
- EuRSV
- EuHZV
- EcML
- rCRM197
- CRMO
Products and services
- Euvichol® Inactivated oral cholera vaccine (OCV) containing V. cholerae O1 and O139 serogroup strains; administered orally twice at two-week intervals. Targets cholera prevention in low and middle-income countries through UNICEF and government procurement.
- Euvichol®-Plus Plastic tube formulation of inactivated oral cholera vaccine with easier storage and transport than Euvichol; administered orally twice at two-week intervals.
- Euvichol®-S Improved oral cholera vaccine with approximately 40% higher production yield compared to Euvichol-Plus through optimized antigen composition and manufacturing process; same oral administration.
- EuCorVac-19™ COVID-19 subunit (recombinant protein) vaccine targeting the RBD of SARS-CoV-2 spike protein, combined with EcML™ adjuvant and CoPoP liposome technology; refrigerated storage; two intramuscular doses four weeks apart.
- EcML™ Monophosphoryl Lipid A (MPLA) adjuvant produced directly from genetically modified E. coli with ≥90% hexa-acylation purity; TLR4 agonist that activates antigen-presenting cells; research and GMP grade available.
- EcML™+Alum
Quantifiable outcome
- 40% production increase in Euvichol-S compared to Euvichol-Plus through improved antigen composition and manufacturing process
- +2 more outcomes
Companies that use EuBiologics
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
EuBiologics technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
EuBiologics partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered strategic, core and supporting.
- LG ChemstrategicQuality by design (QbD) collaboration to strengthen vaccine quality systems and manufacturing capabilities. Initial focus on improving production quality for LG Chem's acellular pertussis vaccine clinical trial materials. Supports EuBiologics' expansion into high-value vaccines and advanced global markets.
- Korea Disease Control and Prevention Agency (KDCA)corePartnership to develop nanoparticle-based Nipah virus vaccine candidate with broad-coverage to address pandemic potential. Development scheduled from April 2025 to December 2026. Leverages SNAP platform and EuIMT technology.
- POP Biotechnologies / EUPOP Life SciencescoreUS-based joint venture company established October 2020 (EUPOP Life Sciences) advancing vaccine development including SNAP nanoparticle platform targeting avian flu (H5N1), RSV, shingles, and Alzheimer's disease. POP Biotechnologies brings SNAP technology; EuBiologics provides EuIMT and manufacturing capabilities.
- BiovacstrategicTechnology transfer partnership with South African biopharmaceutical company Biovac to establish local production of pentavalent meningococcal conjugate vaccine targeting the African meningitis belt. Part of regional capacity building for vaccine self-sufficiency.
- GenofocussupportingJoint development partnership for rCRM197 carrier protein technology. Contributed to 10x yield improvement in recombinant CRM197 production.
- Korea Institute of Science and Technology (KIST)coreTechnology licensing agreement for EcML (monophosphoryl lipid A) immune enhancement technology. Licensed on November 13, 2017. Core platform technology for vaccine adjuvant development.
- International Vaccine Institute (IVI)coreOriginal technology transfer agreement for oral cholera vaccine (OCV) development. Foundation for company's first WHO PQ product. Long-standing relationship supporting global public health mission.
Scale indicators6 records
Recent moves9 records
Expansion highlights4 records
EuBiologics competitors and assessment
Company assessmentDirect peers
- GC Biopharma (formerly Green Cross): Korean vaccine and plasma product manufacturer. A domestic peer with overlapping vaccine portfolio (influenza, hepatitis, DTaP combination vaccines) and similar KOSDAQ/KOSPI-listed status and global public health focus.
- Bharat Biotech: Indian vaccine manufacturer and a direct competitor in the WHO-prequalified oral cholera vaccine market (Hillchol). Competes head-to-head with EuBiologics for UNICEF/Gavi OCV tenders and shares the focus on affordable vaccines for LMICs.
- Shantha Biotechnics (Sanofi): Sanofi-owned Indian vaccine maker of Shanchol, the historical OCV market leader and a primary UNICEF supplier. Competes directly with EuBiologics' Euvichol franchise in global cholera tenders.
- Biological E: Indian vaccine and biologics manufacturer with WHO-prequalified products and a similar focus on affordable conjugate and pediatric vaccines for LMIC markets. Comparable scale, customer base (UNICEF, Gavi), and product breadth.
- SK Bioscience: Korean vaccine company developing and manufacturing vaccines (COVID-19, influenza, pneumococcal, typhoid). Comparable Korean-based vaccine development platform with WHO PQ ambitions and overlapping pipeline in RSV/typhoid.
- Serum Institute of India: World's largest vaccine manufacturer by doses and the dominant UNICEF supplier. Competes with EuBiologics across conjugate vaccine categories (meningococcal, pneumococcal) and on price-driven LMIC procurement.
Regional players
- LG Chem (Life Sciences): Korean chemical/pharma conglomerate with a Life Sciences division and vaccine assets (acellular pertussis). Recently partnered with EuBiologics on QbD manufacturing; a domestic competitor for Korean vaccine R&D talent and government contracts.
Broad incumbents
- Sanofi Pasteur: Global vaccines division of Sanofi and the parent of Shantha. Operates broadly across influenza, pediatric, travel, and emerging disease vaccines and competes with EuBiologics wherever its portfolio overlaps (especially via Shantha in OCV).
- GSK: Global vaccines leader (Shingrix, Arexvy, Bexsero, Cervarix). Competes with EuBiologics' pipeline targets — particularly the Herpes Zoster, RSV, and HPV programs — and sets the efficacy/regulatory benchmark.
Emerging players
- Hilleman Laboratories: Singapore-based vaccine R&D organization focused on affordable vaccines for LMICs (cholera, shigella, rotavirus). Mission-aligned peer with overlapping global health focus and emerging-pipeline approach.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
EuBiologics social profiles
Digital presenceEuBiologics compliance and trust
Trust signalCompliance8 records
EuBiologics financial estimates
Financial estimateRevenue estimate
Valuation estimate
EuBiologics leadership team
Management profileNumber of profiles
Profiles4 records
EuBiologics subsidiaries and ownership
Company hierarchySubsidiaries2 records
EuBiologics funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EuBiologics M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EuBiologics
What does EuBiologics do?
EuBiologics develops, manufactures, and supplies vaccines — primarily WHO-prequalified oral cholera vaccines (Euvichol, Euvichol-Plus, Euvichol-S) and a COVID-19 vaccine (EuCorVac-19). The company also sells proprietary immune-enhancing adjuvants (EcML platform) and recombinant carrier proteins (rCRM197), licenses technology, and offers CRMO contract R&D and GMP manufacturing services to biopharmaceutical clients.
Is EuBiologics a public or private company?
EuBiologics is a public company. It is classified as public and is currently operating.
When was EuBiologics founded?
EuBiologics was founded in 2010. It employs 11 to 50 people.
Where is EuBiologics based?
EuBiologics is headquartered in Seoul, South Korea, in the Asia region.
How does EuBiologics make money?
Four revenue lines are on record. Vaccine Product Sales are the primary driver. The others are CRMO Services, technology Transfer and Licensing and adjuvant and Carrier Protein Sales.
Who are EuBiologics's main competitors?
Direct peers on record are GC Biopharma (formerly Green Cross), Bharat Biotech, Shantha Biotechnics (Sanofi), Biological E, SK Bioscience and Serum Institute of India. LG Chem (Life Sciences) is listed as a regional player. Broad incumbents are Sanofi Pasteur and GSK. Hilleman Laboratories is listed as an emerging player.
Does EuBiologics have an API?
No public API is recorded for EuBiologics.
What industry is EuBiologics in?
EuBiologics's product category is Biopharmaceutical Vaccines. Its primary akta.pro industry code is HLAAAEAC, Infectious Disease & Pandemic Preparedness Vaccines (emerging pathogens), with a secondary code of HLAIAEAE, Travel & Tropical Disease Vaccines. Its NAICS code is 325414 and its SIC code is 2836.