Samsung Biologics Signs Record-Breaking 1.2 Trillion Won Consignment Manufacturing Agreement
In a groundbreaking development for the pharmaceutical industry, Samsung Biologics has recently secured a consignment manufacturing agreement (CMO) worth a staggering 1.2 trillion won. This landmark deal has surpassed the value of last year’s annual contract held by the Chief Medical Officer, cementing Samsung Biologics’ position as a dominant player in the market.
Pioneer Partnership with Pfizer
On the 4th of this month, Samsung Biologics made headlines by unveiling two CMO contracts with Pfizer, a renowned global pharmaceutical company. These contracts consist of the main letter of intent (LOI) agreement, announced on the 8th of the previous month, with a combined value of 897 million dollars (approximately 1.2 trillion won).
Prior to this monumental collaboration, Pfizer had initially signed a supplementary contract on March 2nd, adding an extra $193 million to the main contract worth $183 million. Subsequently, a new contract worth a staggering $704 million was inked, reinforcing the growing synergy between the two industry giants.
Unveiling the Future of Biosimilar Product Manufacturing
The long-term collaborative agreement between Samsung Biologics and Pfizer entails the manufacturing of Pfizer’s diverse biosimilar product portfolio, encompassing oncology, inflammation, and immune therapies, until 2029. This collaboration will take place at Samsung Biologics’ state-of-the-art 4th plant, recently completed to meet the demands of cutting-edge pharmaceutical production.
This agreement marks a momentous milestone for Samsung Biologics as it veers away from traditional single-product production contracts, opting instead to produce an array of products for a single customer. By expanding its strategic partnerships with top global biopharmaceutical companies, Samsung Biologics solidifies its position as a global industry leader.
Charting New Frontiers of Success
An official statement from Samsung Biologics highlighted the company’s future plans, stating, “We are actively exploring various avenues to establish additional global centers for seamless communication with our expanding customer base and to identify potential new clients.”
Samsung Biologics has signed a consignment manufacturing agreement (CMO) worth 1.2 trillion won. This is the largest ever, surpassing the amount of the Chief Medical Officer’s annual contract last year.
On the 4th, Samsung Biologics announced the signing of two CMO contracts with Pfizer, a global pharmaceutical company. The two contracts are the main letter of intent (LOI) contract announced on the 8th of last month, and the total is 897 million dollars (1.2 trillion won).
Previously, Pfizer signed a contract with Samsung Biologics for an additional $193 million of the CMO’s main contract ($183 million) on March 2 and signed a new contract worth $704 million.
Under the agreement, Samsung Biologics and Pfizer will manufacture Pfizer’s multi-species biosimilar product portfolio, including oncology, inflammation and immune therapies, on a long-term contract until 2029 at the recently completed 4th plant.
According to the company, this contract is a long-term contract for the company to produce a customer’s product portfolio that includes multiple products, unlike existing single product production contracts, and is significant in the sense that it has expanded partnerships strategic with top global bio pharmaceutical customers. . .
An official from Samsung Biologics said, “We plan to review different ways to enter additional global centers for flexible communication with growing global customers and discovery of potential customers.”
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