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| Seen is a concept image for Samsung Biologics' Plant 4. The company said Tuesday that it signed drug manufacturing deals worth $897 million with global pharmaceutical company Pfizer. Courtesy of Samsung Biologics |
By Baek Byung-yeul
Samsung Biologics signed two biosimilar product-manufacturing contracts with global pharmaceutical company Pfizer, totaling $897 million, demonstrating the growing reputation of the Korean contract-based drug manufacturer, the company said Tuesday.
Samsung Biologics said that one of the two contracts is its largest ever for a single contract. The company will produce biosimilar products under these contracts at its facility known as Plant 4 in Incheon's Songdo District, which has the world's largest production capacity at 240,000 liters per year.
The contracts with Pfizer are worth $193 million and $704 million, respectively. Pfizer previously inked a deal with Samsung Biologics for a $183 million contract manufacturing order in March, which was increased later to $193 million, Samsung Biologics said. The $704 million is a new order, which is the largest ever for a single contract.
"We will produce several of Pfizer's biosimilar products, including oncology, inflammation and immunotherapy through 2029. This long-term contract for multiple products is a testament to our production capacity, speed and quality," Samsung Biologics said.
Samsung Biologics' order intake this year has already surpassed the total order intake for all of 2022, when it was at $1.37 billion because the company has secured $1.49 billion in orders so far this year.
The company has secured a total annual production capacity of 604,000 liters, the world's largest, at its four plants. The drug manufacturer plans to continue adding more production facilities to respond to the growing global demand for biopharmaceuticals. In April, the company broke ground on the 180,000-liter capacity Plant 5. When the fifth plant becomes operational as planned in April 2025, the total capacity will increase to 784,000 liters.
"Samsung Biologics is growing steadily by securing 13 of the top 20 global pharmaceutical companies as its customers," a company spokesman said.
The company added that it will continue to expand its business portfolio by adding antibody drug conjugates (ADCs), which are considered next-generation treatments.
"We plan to strengthen our capabilities and expand our portfolio in line with market trends in next-generation medicines, such as ADCs," the company said.
