Samsung Biologics Co. said Wednesday it has signed a US$352.7 million deal with Belgium-based biopharmaceutical firm UCB to manufacture the latter’s products.
The deal is an addition to the initial $41.65 million contract the two companies signed in 2017, the biotech arm of Samsung Group, South Korea’s top conglomerate, said in a regulatory filing.
Samsung Biologics said it will produce UCB products under a so-called contract manufacturing organization (CMO) agreement, which provides manufacturing services for other drug firms.
The Korean pharmaceutical company, however, didn’t disclose what UCB products it will make under the contract.
Samsung Biologics and the multinational biopharmaceutical company have been maintaining their CMO relationship since 2017.
Samsung Biologics said the UCB contract is the company’s first deal made this year following deals worth a combined 3.5 trillion won ($2.6 billion) signed in 2023, the largest-ever for a single year.
The Korean drugmaker said it will redouble effort
s to boost its competitiveness in the global CMO market on the back of its world-leading production capacity and portfolio expansion.
The company is expected to have a total production capacity of 784,000 liters when its fifth plant is completed by April 2025.
Source: Yonhap News Agency