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Samsung Biologics secures record $1.41 billion deal with European client

Published: 14 Jan. 2025, 09:50 Updated: 14 Jan. 2025, 19:11

SHIN HA-NEE
[email protected]

Samsung Biologics' fourth production plant in Songdo, Incheon [SAMSUNG BIOLOGICS]

Samsung Biologics has secured a record $1.41 billion contract with an unnamed European pharmaceutical company, the contract development and manufacturing organization (CDMO) announced in an electronic disclosure Tuesday.

The deal, the largest in the Incheon-based company's history, represents around 40 percent of the combined value of contracts Samsung Biologics signed in 2023. Last year, the CDMO secured orders worth 5.4 trillion won ($3.7 billion), marking over 50 percent growth compared to 3.5 trillion won in 2022.

The contract, signed Tuesday, will run through Dec. 31, 2030. While Samsung Biologics did not disclose the name of its client due to a nondisclosure agreement, this milestone surpasses its previous record of a $1.24 billion deal with an unnamed Asian pharmaceutical company in October 2023.

Samsung Biologics now counts 17 of the top 20 pharmaceutical companies as clients. The company’s manufacturing capacity will reach a global-leading 784,000 liters (828,000 quarts) upon the completion of its fifth plant, scheduled for April.

Samsung Biologics is also participating in the J.P. Morgan Healthcare Conference, one of the biopharmaceutical sector's largest and most influential investment symposia, which runs from Monday to Thursday.

BY SHIN HA-NEE [[email protected]]