SK bioscience, the country´s prominent vaccine developer and producer, will invest around 2.4 trillion won ($1.8 billion) over the next five years until 2027 to become a top-tier bio and vaccine powerhouse, its CEO said Friday.

Among other plans, the firm is set to invest 1.2 trillion won in research and development (R&D), a similar level to that of the global big pharmaceutical companies, to take the lead in the country´s vaccine and bio industry.

"SK bioscience has challenged itself to pursue rapid changes and our major projects are on track and on target," Ahn Jae-yong, CEO of SK bioscience, said during a press conference in Seoul. "The next five years will be a period of aggressive investment that will shape the future of SK bioscience, and we will continue to grow rapidly and systemically."