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Biz News Korea(Eng)
Samsung BioLogics bags $55mn deal from Sun Pharma of India
- Collected
- 2017.07.05
- Distributed
- 2017.07.06
- Source
- Go Direct
According to Samsung BioLogics on Tuesday, the two companies signed a long-term manufacturing agreement to produce Tildrakizumab at a ceremony held at Samsung BioLogics headquarters in Songdo, Incheon.
Sun Pharma is India’s largest pharmaceutical company and the world’s fourth-biggest manufacturer of generic drugs. With 42 production facilities worldwide, it sells products to over 150 countries. The firm raked in $4.5 billion last year.
Samsung BioLogics’ seventh contract deal comes as Sun Pharma has been seeking transition from conventional chemically synthesized pharmaceuticals to biopharma. Its first biologic Tildrakizumab, an inhibitor for the treatment of moderate to severe psoriasis, was co-developed with the German drugmaker Merck. Sun Pharma acquired all of the sales rights in 2014.
Shares of Samsung BioLogics finished Tuesday at 289,000 won ($251.4), up 3.03 percent or 8,500 won from the previous session.
By Kim Yoon-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]