South Korean drugmaker SK Bioscience said via a regulatory filing Monday that it had clinched a 67.9 billion won ($50.6 million) deal with a Thai state-run company Government Pharmaceutical Organization to provide undiluted solutions of its flu vaccine for 10 years.

According to DART, the Financial Supervisory Service's electronic disclosure board, SK Bioscience will be providing undiluted solutions of its SKYCellflu products to GPO's vaccine manufacturing plant in Thailand until Aug. 18, 2033.

GPO will be in charge of the overall development and commercialization of SKYCellflu in Thailand, including applying for the marketing authorization from the Thai regulatory health agency. SK Bioscience said the influenza vaccine manufactured by GPO will aim to be used for Thailand's national immunization programs.

SK Bioscience added that the contract period and the amount of SKYCellflu supplied to GPO could change depending on the market situation, as the price was calculated based on an initially agreed minimum order.

SK Bioscience's recent supply contract deal comes as the Korean pharmaceutical company signed a memorandum of understanding with GPO on July 5, in a bid to strengthen exports of its products and provide support to Thailand in becoming a vaccine hub in Southeast Asia in the mid- to long-term.

The GPO is a state enterprise under the supervision of the Ministry of Public Health of Thailand established in 1966. Currently, Thailand's public hospitals are mandated to constitute at least 60 percent of its pharmaceuticals and medical devices as products from GPO.