Samsung Biologics has entered into a manufacturing partnership with an Asia-based pharmaceutical giant.
The deal, which was valued at USD $1.24bn, is the largest contract signed by a single client in the company's history.
Production of the client's biopharmaceuticals will be done at Samsung Biologics' site in Songdo, South Korea — and will be active until December 2037.
Following the initiation of this partnership, Samsung Biologics has now partnered with 17 of the top 20 pharmaceutical companies worldwide.
Through this partnership, the CDMO plans to expand its customer base to key regions, including the APAC region; specifically Japan.
To account for this partnership and the company's other expansion plans, Samsung Biologics will open a regional office in Tokyo to enhance its relationships with its current and prospective clients.
Further, the company is currently building a dedicated ADC facility — which is set to be operational in April 2025.
The expansion will add 180kL of capacity, which will help clients to better address the emerging health challenges seen in the modern world.
President and CEO of Samsung Biologics, John Rim, commented, “We are pleased to strategically collaborate with the Asia-based pharmaceutical company to bring effective, high-quality biopharmaceuticals to the global market,”
“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.”