SEOUL, June 6 (Korea Bizwire) — Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, said Tuesday it will move up the operation of its new biomedicine production facility by five months in a way to deal with rising demand.
The company has invested 1.98 trillion won (US$1.51 billion) to build Plant 5 at its Bio Campus II, the new bio complex in Songdo, west of Seoul, from last month, with a production capacity of 180,000 liters.
The new facility is expected to start operation in April 2025, advancing the schedule by five months from September in the same year, Samsung Biologics said in a statement.
After the completion of Plant 5 two years later, the South Korean company will have a combined biomanufacturing capacity of the world-leading 784,000 liters.
On the sidelines of this year’s Bio International Convention, which is under way in the United States, Samsung Biologics CEO John Rim said the company has made the decision to hurry to meet rising demand from its customers and contract development and manufacturing organizations (CDMOs).
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.
Samsung Biologics said it has received orders worth a cumulative $10 billion since its launch in 2011, including a combined 750 billion won of deals signed in 2023.
The company posted 720.9 billion won in sales and 191.7 billion won in operating profit for the first quarter, up 33 percent and 40 percent from a year earlier, respectively.