Samsung Biologics lands $668M in contracts to break annual order record

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Samsung Biologics lands $668M in contracts to break annual order record

Published: 20 Nov. 2024, 10:01 Updated: 20 Nov. 2024, 19:07

LEE JAE-LIM
[email protected]

Samsung Biologics plant in Incheon [SAMSUNG BIOLOGICS]

Samsung Biologics has secured two deals valued at 930.4 billion won ($668.4 million) for contract manufacturing organization (CMO) services with an unnamed European pharmaceutical company, the biotech firm said Wednesday.

According to the company's regulatory filing, the deals are valued at 752.4 billion won and 178 billion won, respectively. The products and client company were not disclosed due to confidentiality clauses, and the contract extends until Dec. 31, 2031.

With these agreements, Samsung Biologics' total accumulated orders for the year have surpassed 5 trillion won, marking its highest-ever figure. The company has signed 11 contracts with global pharmaceutical companies since March.

Among these major deals are a $1.06 billion contract signed in July with an undisclosed U.S. pharmaceutical company and a $1.2 billion agreement with an unnamed Asian pharmaceutical company in October.

Samsung Biologics currently operates four CMO plants in Songdo, Incheon, with a fifth facility under construction scheduled to begin operating from April of next year.

Upon completion, the company will secure a manufacturing capacity of 784,000 liters (828,000 quarts) per year, moving closer to its production capacitygoal of 1.32 million liters per year by 2032.

It has received a total of 339 drug approvals from global regulators, including 38 from the U.S. Food and Drug Administration and 33 from the European Medicines Agency.

BY LEE JAE-LIM [[email protected]]