(Yicai Global) Feb. 3 -- A unit of Chinese vaccine maker Zhifei Biological Products will join hands with an institute under the Chinese Academy of Sciences to develop the world's first vaccine against the novel coronavirus. 

Zhifei Longcom Biopharmaceutical has penned an exclusive cooperation agreement with the CAS's Institute of Microbiology to come up with an immunization technology to prevent 2019-nCoV, the Chongqing-based company said in a statement yesterday, without disclosing financial details. The CAS institute will evaluate the effectiveness of the product.

The new type of coronavirus, which started from Central China's Wuhan, has so far caused 361 deaths and infected over 17,200 people in China. Scientists around the world have started developing vaccines against 2019-nCoV but the process could take years. Chinese testing kit makers have seen their stock prices rally after saying that they are developing tools to detect the virus.

Zhifei's shares [SHE:300122] fell 1.3 percent to CNY58.80 (USD5.51) this morning as the mainland stock markets opened after a holiday break. The Shenzhen Stock Exchange Composite Index dropped 3.5 percent. 

Editor: Emmi Laine