Samsung Biologics, a South Korean contract development and manufacturing organisation, announced this week that the company has completed two record deals worth $897 million with Pfizer.
The two deals include a $193 million deal and a $704 million deal. Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to a total of $1.08 billion.The combined value of total contracts Samsung Biologics signed this year so far reached $1.48 billion, surpassing the total amount of deals signed last year.
“We are pleased to extend the strategic collaboration with Pfizer as we share and support their strong vision to bring innovative solutions for patients around the globe,” said John Rim, President and CEO of Samsung Biologics. “This new meaningful partnership comes just as our Plant 4 is fully completed early this month as we had previously committed and are on the move for future expansion into our second campus in order to provide our clients with even more flexible and advanced manufacturing technology.”
Under the $704 million deal, Samsung Biologics will manufacture Pfizer’s multiple biosimilar products, including treatments for tumour and inflammatory diseases, until 2029, according to Samsung Biologics. Pfizer’s biosimilar products will be produced at its fourth plant in Songdo, the world’s largest single pharmaceutical manufacturing facility with a capacity of 240,000 litres.
“Pfizer is excited to continue our strategic partnership with Samsung Biologics Ltd. that aims to enable greater access to medicines for more patients across the world,” said Mike McDermott, Chief Global Supply Officer, Executive Vice President, Pfizer. “This commitment is a reflection of Pfizer’s trust in the Korean Pharmaceutical industry to address emerging health challenges.”