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Biz News Korea(Eng)
Samsung Biologics expands collaboration with Pfizer in billion-dollar deals
- Collected
- 2023.07.04
- Distributed
- 2023.07.05
- Source
- Go Direct
![A rendering of Samsung Biologics Co.’s Songdo Plant 4 <br><br>[Photo provided by Samsung Biologics]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/07/image_readtop_2023_505627_16884458855533424.jpg)
A rendering of Samsung Biologics Co.’s Songdo Plant 4
[Photo provided by Samsung Biologics]
One contract involves an additional agreement worth $193 million to produce one Pfizer product, building upon a previous contract signed on March 2. The other agreement, finalized on June 8, confirms a long-term production agreement until 2029 for several Pfizer biosimilar products, with a contract value of $704 million.
The combined value of these two contracts amounts to around 1.2 trillion won, making it the largest contract announced by Samsung Biologics in terms of contract value in a single day.
As a result, the cumulative contract value between Samsung Biologics and Pfizer since the beginning of this year reached $1.08 billion, according to the public disclosure.
Particularly noteworthy is that the production of Pfizer’s diverse portfolio of biosimilar products in oncology, inflammation and immunology areas announced on June 8 is scheduled to take place in Samsung Biologics’ recently completed Songdo Plant 4.
“This contract differs from previous single-product contracts as it involves the long-term production of a portfolio of products for a customer, which signifies the expansion of a strategic partnership with a global customer,” said Samsung Biologics.
Samsung Biologics also expressed its intention to explore various avenues for global expansion, aiming to enhance flexible communication with global big drug companies and identify potential customers.
By Pulse
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