Fluor Corporation (NYSE: FLR) today announced that it has been chosen by
VaxGen Inc. to provide services for the development of two
biopharmaceutical manufacturing facilities. Both facilities will be
capable of manufacturing VaxGen's AIDS vaccine candidate as well as a
variety of human therapeutic proteins using mammalian cell fermentation.
The contract value to Fluor is approximately $15 million and will be
booked in phases.
At the first site, in Incheon, South Korea, Fluor will provide
conceptual and preliminary engineering services for a major biologics
manufacturing facility capable of manufacturing at least 200 million
doses annually of VaxGen's investigational AIDS vaccine. The facility,
built on a 23-acre site, will be owned by Celltrion Inc., a joint
venture between VaxGen and a group of South Korean investors. Following
extensive facility commissioning, the Incheon complex will be ready for
commercial operation by 2006 and will include capacity for the
manufacture of additional biopharmaceutical products, either from VaxGen
or other companies.
At the second site, in South San Francisco, Fluor will perform
engineering, procurement, construction management and validation
services. Following completion, which is tentatively scheduled for late
2004, the site will support the licensing and commercial launch of
VaxGen's AIDS vaccine if it proves safe and effective at the conclusion
of Phase III clinical trials next year. The facility will be capable of
making up to 10 million doses per year of the vaccine candidate and may
also be equipped to make VaxGen's anthrax vaccine candidate.
"The design and construction of both facilities is on a fast track,"
said James P. Panek, VaxGen's senior vice president of Manufacturing
Operations. "We selected Fluor based on their demonstrated ability to
deliver biotech manufacturing facilities around the world. In this case,
we are simultaneously building operations in the United States and Asia,
which requires Fluor's global reach and experience."
"This project may have a world-wide impact on the AIDS epidemic," said
Ken Smith, a president within Fluor's Industrial & Infrastructure group.
"As the only company with AIDS vaccine candidates in Phase III trials,
VaxGen is the leader in its field. The success of this venture could
benefit millions of individuals."
VaxGen (Nasdaq: VXGN) is based in Brisbane, Calif. For more information
visit www.vaxgen.com.
Fluor Corporation (NYSE: FLR) provides services on a global basis in the
fields of engineering, procurement, construction, operations, and
maintenance and project management. Headquartered in Aliso Viejo,
California, Fluor is a Fortune 500 company with revenues of $9 billion
in fiscal year 2001. For more information, visit www.fluor.com.
For further information please contact Media Relations, Jerry Holloway,
+1-949-349-7411, or Lori Serrato, +1-949-349-7420, or Investor
Relations, Lila Churney, +1-949-349-3909, or fax, +1-949-349-5375, all
of Fluor Corporation.
Media Relations, Jerry Holloway, +1-949-349-7411, or LoriSerrato, +1-949-349-7420, or Investor Relations, Lila Churney,+1-949-349-3909, or fax, +1-949-349-5375, all of Fluor CorporationURL:http://www.vaxgen.comhttp://www.fluor.com