By Inti Landauro

PARIS--French pharmaceutical giant Sanofi SA (SAN.FR) Wednesday said it has teamed up with South Korea's SK Chemicals Co. (006120.SE) to develop a pneumococcal vaccine.

Sanofi will make an up-front payment of $23 million to SK Chemicals. Both companies will develop the vaccine together, with SK Chemicals producing it in a factory in South Korea.

The market for vaccines against diseases caused by streptococcus pneumoniae, such as pneumonia, meningitis and febrile bacteraemia, is worth $4 billion, Sanofi said in a statement.

Write to Inti Landauro at inti.landauro@wsj.com

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