HQ Team
July 4, 2023: Samsung Biologics Co., the biotech arm of South Korea’s Samsung Group, has inked two deals worth $897 million with Pfizer to make the US-based company’s products.
The Korean company based in Songdo, Incheon, South Korea, said it signed a new contract with Pfizer — a follow-up to the bilateral deal set in March.
According to the new contract, Samsung Biologics will manufacture an additional $193 million worth of Pfizer products.
In a separate deal announced last month, Samsung Biologics will also produce Pfizer’s multi-product biosimilar portfolio, including oncology, inflammation, and immunotherapy, worth $704 million.
The company said Pfizer’s new biosimilars will be manufactured at its newly completed factory in Songdo, west of Seoul.
As a result, Samsung Biologics and Pfizer have concluded a total of three manufacturing partnership contracts worth a combined $1.08 billion in 2023, according to a Samsung statement.
Samsung Biologics provides contract development and manufacturing services to the biopharmaceutical industry. It has expanded its production capacity to become a major player in the global contract development and manufacturing organization market.
The company handles both outsourced manufacturing of drug substances and the innovation and development work that occurs prior to manufacturing one.
To expand the global business, Samsung Biologics will consider opening new overseas sales offices as communication channels for global customers in addition to one in New Jersey and a research and development center in San Francisco.
