SEOUL (Reuters) – Samsung Biologics (KS:207940), a division of South Korea’s Samsung Group, has revealed two significant deals with Pfizer (NYSE:PFE) amounting to a combined 1.2 trillion won ($921.38 million). These agreements aim to manufacture a range of biosimilar products for the leading U.S. pharmaceutical company.
Over the next few years, Samsung Biologics’ biotech division will utilize its newly established Plant 4 in South Korea to produce various biosimilar products, including those focused on oncology, inflammation, and immunotherapy. The contracts extend until 2029 and reinforce the strategic partnership between the two companies.
Samsung Biologics stated that the recent orders from Pfizer bring the total value of this year’s deals to $1.08 billion. The company also expressed its delight at surpassing last year’s annual contract volume, with total contracts worth 1.93 trillion won secured thus far in 2023.
In addition to the 922.7 billion won contract, Samsung Biologics received an extra 254.3 billion won order as an extension of a previously announced deal from March. This consistent collaboration signifies the growing confidence and reliance Pfizer places in Samsung Biologics’ manufacturing capabilities.
The latest manufacturing partnerships with Pfizer follow Samsung Biologics’ successful agreements with other prominent pharmaceutical companies such as Eli Lilly (NYSE:LLY), Kinsale, and GlaxoSmithKline (NYSE:GSK). These collaborations further solidify Samsung Biologics’ position as a trusted and reliable partner in the biopharmaceutical industry.