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Samsung Biologics Co. was revealed to have won a new CMO contract deal with Pfizer Ireland Pharmaceuticals. The order is said to be worth $183 million, which is equivalent to 15.4% of Samsung Biologic's total sales profits in 2021.
Samsung Biologics is currently the no. 1 contract drug maker in the world based on production capacity. It has bagged this huge contract manufacturing organization (CMO) order from the Ireland unit of Pfizer Inc. the deal just raised expectations that the biotech division of Samsung Group's orders for this year will reach a new record high.
As per The Korea Economic Daily, Samsung Biologics announced its new CMO order through a regulatory filing on Thursday, March 2. Although this was only revealed now, the actual order was made by Pfizer Ireland Pharmaceuticals Ringaskiddy on Feb. 28.
Then again, the biotech firm did not mention the name of the medicine that it will make for Pfizer. It was stated in the contract that the manufacturing will run from Feb. 20, 2023, to Dec. 31, 2029.
In any case, this is the first time that Samsung Biologics or any Korean company has signed a CMO deal with the New York-headquartered pharmaceutical and biotech firm. Korea Joongang Daily reported with the latest business announcement, Samsung Biologics now boasts of having seven of the world's top 10 largest pharmaceutical firms as clients.
The Korean biotech company was established in 2011, and it has started partial operation of its fourth factory in Songdo, Incheon, just recently. This facility will have the capacity to produce 240,000 liters when it goes into full operation in June. This is said to be the largest single pharma production facility in the world.
Meanwhile, Samsung Biologics is investing another KRW 7.5 trillion or about $5.7 billion to build four new plants inside a manufacturing complex near its existing plants in the Songdo region.
