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 4 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Monday it has sealed a combined US$1.08 billion partnership contracts with U.S. pharmaceutical giant Pfizer so far this year.
The Korean company said it signed a new contract with Pfizer, a follow-up to the bilateral deal set in March, assigning Samsung Biologics to manufacture an additional $193 million worth of Pfizer products.
In a separate deal announced last month, Samsung Biologics will also produce Pfizer’s multiproduct biosimilar portfolio, including oncology, inflammation and immunotherapy, worth $704 million.
The company said Pfizer’s new biosimilars will be manufactured at its newly completed Plant 4 in Songdo, west of Seoul.
As a result, Samsung Biologics and Pfizer have concluded a total of three manufacturing partnership contracts worth a combined $1.08 billion in 2023.
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.
The company said the new mega contracts with Pfizer signify its long-term strategic partnership with a global top client.
And it said it will consider opening new overseas sales offices as communication channels for global customers in addition to one in New Jersey and a research and development center in San Francisco in a bid to expand overseas business.
(Yonhap)
