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Samsung Biologics is investing $5.3 billion to build new facilities that will allow it to double its contract development and manufacturing organization or CDMO capacity. It will construct its second Biocampus, and it has already signed a deal with Incheon for this expansion project.
As per The Korea Herald, Samsung Biologics is expanding its facilities so it can bolster its capabilities to develop new therapeutics. For this, the company inked a land sale contract with the Incheon metropolitan city for the acquisition of space for its new plants. The company said that the sales contract is worth KRW426 billion or around $323 million.
It was mentioned that the agreement mainly centers on the construction of Samsung Biologics' research and manufacturing planta in the 11th district of Songdo International City, a location that is inside the Incheon Free Economic Zone (IFEZ).
The land which the company bought is said to measure 357,000 square meters, and it is 30% bigger compared to its first Biocampus, which only sits on 238,000 square meters of land in Songdo.
Samsung Biologics is building four plants in its Biocampus 2, and this may cost the company some KRW7 trillion. Currently, it is running three factories, and a fourth facility is being built on the first campus.
The CDMO firm decided to double its manufacturing and development capacity so it could respond to the high demands in the global biopharmaceutical business sector. The demand rose amid the series of pandemic outbreaks.
"This milestone further solidifies our roadmap to build a world-class global bio-hub at the heart of Songdo," Samsung Biologics president and chief executive officer, John Rim, said in a press release. "Through continuous investment, we will maintain our position as the best-in-class CDMO partner, fully equipped with the world's largest manufacturing capacity and provide diverse service offerings to our clients to address new emerging diseases and save lives of patients worldwide."
Finally, the land where Samsung Biologics' second Biocampus is set to be built was awarded to the company in conformity with IFEZ's strategy to boost the region's global competitiveness in the biopharma business while also encouraging partnerships with small and mid-sized firms. The new facilities are also expected to create 4,000 new jobs in the area by 2032.
"Samsung Biologics' achievements over the past decade are remarkable and highly impressive," Incheon's Mayor Jeong Bok Yoo commented on the project. "The city will do its best to support the development of the bio industry's infrastructure and further drive Songdo to become a global bio hub."
