Samsung Biologics has so far secured at least five major contracts this year, and its latest with an unnamed Asia-based pharmaceutical company is its largest ever, worth $1.24 billion.
The new contract will run until December 2037, and the South Korean manufacturer will make the client’s products at its factory in Songdo. Samsung Bio added it is also planning to set up an office in Tokyo to “further enhance relationships” with its customers, according to a Tuesday release.
This new deal brings Samsung Bio’s total contract value to over $3.3 billion for 2024, the company said. In July, the manufacturer announced a new deal worth 1.46 trillion won ($1.06 billion) with an unnamed US customer. And in June, Samsung Bio and Baxter Healthcare extended their partnership with an extra $208 million, up from the original $15 million deal dating back to 2017. The manufacturer has also extended contracts with Eli Lilly and Merck this year.
Samsung Bio has been busy building facilities in its home country. The company is betting on ADCs with a new facility slated to finish construction by the end of the year. It is also building another factory, dubbed Plant 5, which will be operational in April 2025. Alongside its biosimilar business, its most recent facility, named Plant 4, has been critical in boosting sales.