SOUTH KOREA — Samsung Biologics, a leading contract-based drug manufacturer from South Korea, has recently announced the signing of two significant biosimilar product-manufacturing contracts with global pharmaceutical giant Pfizer.
The contracts, valued at a combined total of US$897 million, demonstrate the growing reputation and capabilities of Samsung Biologics in the biopharmaceutical manufacturing sector.
One of the contracts represents the largest ever for Samsung Biologics, emphasizing the company’s expanding presence in the industry.
Under these contracts, Samsung Biologics will utilize its state-of-the-art facility, Plant 4, located in Incheon’s Songdo District, which boasts the world’s largest production capacity of 240,000 liters per year.
The individual contracts with Pfizer are valued at US$193 million and US$704 million, respectively.
It is worth noting that Pfizer had previously entered into a contract manufacturing agreement with Samsung Biologics for US$183 million in March, which was later increased to US$193 million.
The US$704 million contract represents a new order, marking the largest single contract ever secured by Samsung Biologics.
Renowned for its advanced facilities and expertise in biopharmaceutical contract manufacturing, Samsung Biologics will produce a range of biosimilar products for Pfizer, covering various therapeutic areas such as oncology, inflammation, and immunotherapy.
These manufacturing activities will be carried out at Samsung Biologics’ new Plant 4 in South Korea, spanning the duration of the contracts until 2029.
The order intake for Samsung Biologics in the current year has already surpassed the total intake for the entirety of 2022, which amounted to US$1.37 billion.
The company has achieved a remarkable US$1.49 billion in orders thus far in 2023, indicating its significant growth trajectory.
With a total annual production capacity of 604,000 liters spread across its four plants, Samsung Biologics currently possesses the world’s largest production capacity.
Recognizing the escalating global demand for biopharmaceuticals, the company plans to further expand its production facilities.
In April, Samsung Biologics commenced the construction of Plant 5, with a capacity of 180,000 liters. Once operational in April 2025, the total production capacity will increase to an impressive 784,000 liters.
A spokesperson from Samsung Biologics highlighted the company’s steady growth, boasting 13 out of the top 20 global pharmaceutical companies as its customers.
This achievement underscores Samsung Biologics’ commitment to providing high-quality contract manufacturing services.
Moreover, Samsung Biologics expressed its intention to enhance its business portfolio by venturing into antibody-drug conjugates (ADCs), a category of next-generation treatments.
The company aims to strengthen its capabilities and expand its product offerings in alignment with market trends in advanced medicines like ADCs.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
