This image provided by Samsung Biologics Co. shows an aerial view of the company’s newly built Plant 4 located in Songdo, west of Seoul.
SEOUL, July 10 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Monday it has signed a US$390.9 million deal with Novartis Pharma AG to manufacture the Switzerland-based pharmaceutical firm’s products.
It is the final contract for an investment letter of intent announced in June last year, in which the two companies agreed on a manufacturing organization deal worth $81 million, Samsung Biologics said in a regulatory filing.
The deal came shortly after the South Korean drugmaker sealed $1.08 billion partnership contracts with U.S. pharmaceutical giant Pfizer.
Samsung Biologics said it has received orders worth a cumulative $1.7 billion in 2023 alone, including the large-scale contracts with Pfizer and Novartis, and the numbers are expected to increase by the end of the year.
Samsung Biologics has been expanding its production capacity as part of its strategy to become a major player in the global contract development and manufacturing organization (CDMO) market.
CDMO refers to a company that handles not only the outsourced manufacturing of drug substances but also all of the innovation and development work that occurs prior to manufacturing one.
(Yonhap)
