South Korea has reportedly reached a purchase deal with British drugmaker AstraZeneca for its COVID-19 vaccine. 

An official from Seoul's health authorities said on Thursday that the government recently signed the agreement, adding that negotiations with other vaccine developers will also be completed soon. The government will release details of the overall contracts next week. 

The COVID-19 vaccine candidate jointly developed by AstraZeneca and the University of Oxford has reportedly shown an average efficacy of 70 to 90 percent in preventing the virus in Phase Three trials. 

The vaccine requires two injections, but the price is low at three to five dollars a dose. 

In addition, the AstraZeneca vaccine can be stored at temperatures between two to eight degrees Celsius, unlike Pfizer's vaccine requiring ultra-cold temperatures of minus 75 degrees in distribution.