Samsung Biologics announced a contract manufacturing deal with an unnamed Asia-based pharmaceutical company worth $1.24 billion.
According to a news release, it’s the largest contract signed by a single client. Production will take place at Samsung Biologics’ biomanufacturing site in Songdo, South Korea. The contract runs through December 2037. With this agreement, the company’s accumulated contract for 2024 surpasses $3.3 billion.
Samsung Biologics said it’s now partnered with 17 of the world’s top 20 pharmaceutical companies. It continues to expand its customer base to key regions, including Japan. The company now plans to add to sales offices in the U.S. by opening a regional office in Tokyo as a result.
According to Samsung Biologics, it remains on track to finish completing construction for a dedicated ADC facility by the end of the year. It expects an operational fifth plant in April 2025.
“We are pleased to strategically collaborate with the Asia-based pharmaceutical company to bring effective, high-quality biopharmaceuticals to the global market,” said John Rim, president and CEO of Samsung Biologics. “The deal comes at a significant time as we proactively build on our biomanufacturing capacity to readily support our clients. Leveraging our capabilities and proven expertise, we plan to maintain momentum for further expansion by fostering trusted and sustainable partnerships with potential and existing clients for mutual growth, and ultimately help patients with unmet needs.
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