Seoul: Samsung Biologics Co., the biotech arm of South Korea's Samsung Group, announced that its contract manufacturing organization (CMO) deals have surpassed 3 trillion won (US$2.2 billion) so far this year.
According to Yonhap News Agency, the company secured CMO contracts worth 3.25 trillion won during the January-May period, which accounts for approximately 60 percent of its total CMO deals of 5.4 trillion won for the entire previous year, as stated in a press release.
The contracts are predominantly with pharmaceutical companies situated in Asia, Europe, and the United States, the company further detailed. A CMO is a company that provides manufacturing services to other businesses on a contractual basis.
In response to the increasing global demand for biopharmaceuticals, Samsung Biologics has expanded its production facilities significantly. The company currently operates five production plants in Songdo, located 37 kilometers southwest of Seoul, and has plans to increase this number to eight by 2032.
To enhance service to its international clients and strengthen its regional presence, Samsung Biologics opened a sales office in Japan in December, following previous office openings in New Jersey and Boston in the United States.