Samsung Biologics unveils $920 million manufacturing deals for Pfizer
12:04 am Tuesday, July 04th, 2023
SEOUL (Reuters) – South Korea’s Samsung Biologics announced on Tuesday two deals with Pfizer worth around a combined 1.2 trillion won ($921.38 million) to manufacture products for the U.S. pharmaceutical giant.
The latest deals will see the biotech division of the Samsung Group produce biosimilar products ranging from oncology and inflammation to immunotherapy in the period to 2029 at its new Plant 4 in South Korea.
The latest orders bring this year’s combined tally of orders from Pfizer to $1.08 billion, Samsung Biologics said in a statement.
Tuesday’s announcements include a 922.7 billion won contract, as well as an additional 254.3 billion won order that is a follow-up to a deal previously announced in March.
Samsung Biologics welcomed the orders as an expansion of a strategic partnership, adding that it had won total contracts worth 1.93 trillion won so far this year, surpassing last year’s annual contract volume.
Earlier this year, Samsung Biologics signed deals with Eli Lilly Kinsale and GlaxoSmithKline.
($1 = 1,302.4000 won)
(Reporting by Hyunsu Yim; Editing by Ed Davies)
