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In a landmark move, Samsung Biologics and Pfizer Inc. have entered into a strategic $409 million contract manufacturing organization (CMO) agreement. This record-setting deal enlists Samsung Biologics to produce a range of biosimilar drugs originally developed by Pfizer, furthering global access to essential medicines.
The Korea Times reported that under the contract, Samsung Biologics will manufacture biosimilars made by Pfizer. These are biopharmaceutical medical products that are identical to the original product, which means the Korean biotech firm will replicate certain drugs originally made by Pfizer.
The biosimilars that Samsung Biologics will produce for the New York-based pharmaceutical and biotechnology firm include medical drugs for inflammation, tumors, and the immune system. The company built its fourth production plant in Incheon, South Korea, recently, so it is likely to be used for the fulfillment of the said CMO agreement.
“We are pleased to extend the strategic collaboration with Pfizer as we share and support their strong vision to bring innovative solutions for patients around the globe,” Samsung Biologics’ president and chief executive officer, John Rim, said in a press release. “This new meaningful partnership comes just as our Plant 4 is fully completed early this month as we had previously committed and are on the move for future expansion into our second campus in order to provide our clients with even more flexible and advanced manufacturing technology.”
Pfizer’s chief global supply officer, executive vice president, Mike Dermott, added, “Pfizer is excited to continue our strategic partnership with Samsung Biologics Ltd. that aims to enable greater access to medicines for more patients across the world. This commitment is a reflection of Pfizer’s trust in the Korean Pharmaceutical industry to address emerging health challenges.”
Meanwhile, the partnership between Samsung Biologics and Pfizer has set a new record for the latter and the entire history of biopharma in South Korea. This is because it is the largest single contract to ever be recorded in the country.
Photo by: Samsung Biologics Newsroom
