SEOUL, June 8 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Thursday it has signed a US$411.3 million contract with Pfizer to manufacture the U.S. pharmaceutical firm’s products.
Under the deal with Pfizer, Samsung Biologics will manufacture Pfizer’s multi-product biosimilar portfolio, including oncology, inflammation and immunotherapy, at its Plant 4, which has been recently completed in Songdo, west of Seoul.
The deal is the Korean company’s largest partnership agreement, topping the one with AstraZeneca Plc. valued at $359.7 million and accounting for 18 percent of Samsung Biologics’ sales last year.
“We are pleased to extend the strategic collaboration with Pfizer as we share and support their strong vision to bring innovative solutions for patients around the globe,” Samsung Biologics CEO John Rim said through an English press release.
“This new meaningful partnership comes just as our Plant 4 is fully completed early this month as we had previously committed and are on the move for future expansion into our second campus in order to provide our clients with even more flexible and advanced manufacturing technology.”
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.
With its newly completed Plant 4, the company has invested 1.98 trillion won ($1.51 billion) to build Plant 5 at its Bio Campus II, a new bio complex in Songdo with a capacity of 180,000 liters, since last month.