Seoul: Samsung Biologics Co., a biotech arm of South Korea's Samsung Group, announced on Tuesday it has secured a substantial contract manufacturing deal valued at 2.07 trillion won (US$1.4 billion) from a European biopharmaceutical company. This agreement marks the largest contract manufacturing deal in the company's history.
According to Yonhap News Agency, Samsung Biologics will be responsible for manufacturing a biomedicine for the European firm, with production scheduled to commence on December 13, 2024, and continue through December 31, 2030. Details regarding the specific medicine and the identity of the contracting company were not disclosed by Samsung Biologics in its regulatory filing.
This significant deal accounts for 40 percent of Samsung Biologics' total contracts secured in the previous year, which amounted to 5.4 trillion won. The agreement underscores the company's growing influence and capability in the global biopharmaceutical manufacturing sector.