Samsung Biologics Secures $1.06 Billion CDMO Deal, Largest in Company History
Samsung Bioepis
Biosimilar Developer
On July 2, 2024, Samsung Biologics announced that it had signed a $1.06 billion collaboration agreement with a U.S.-based pharmaceutical company. This contract is the largest single order ever received by a South Korean biotech company, accounting for 42% of Samsung Biologics' total orders last year, and is valid until December 31, 2030.
This agreement originated from a Letter of Intent (LOI) signed in June of last year. The final contract amount increased by $947.49 million compared to the LOI, reflecting the significance and long-term nature of this collaboration. Due to confidentiality clauses, the client's name and specific products have not been disclosed. Previously, Samsung Bioepis' largest contract was a 922.7 billion Korean won agreement with Pfizer last year, meaning the new contract is 1.6 times larger.
Samsung Bioepis Reports Cumulative Orders Exceeding 2.5 Trillion KRW in First Half of 2024, Representing Over 70% of Last Year’s Total Order Value of 3.5 Trillion KRW. The Company Highlighted That Six Out of Seven Contracts Signed This Year Are Expansion Contracts Based on Customer Trust, Involving Increased Production Volumes Under Existing Agreements.。
The significant increase in contract value may be related to the U.S. government's sanctions against Chinese biotech companies. The BIOSECURE Act proposed by the U.S. Congress aims to restrict cooperation between American companies and Chinese biotech firms, with WuXi Biologics, a CDMO company, listed as a sanction target. Given the possibility of the act’s passage, global pharmaceutical companies are exercising caution when signing new contracts with Chinese CDMOs, including WuXi Biologics, and are instead inclined to choose Samsung Biologics, the world’s fourth-largest CDMO. Analysts predict that if the proposal passes, Samsung Biologics' performance could see further improvement.
E.N.D
Previous article recommendations:
Ten Companies in China Complete New Round of Financing, Focusing on Cell and Gene Therapy Fields
Antion Biotech Completes Nearly RMB 100 Million Series A Financing, Led by SDIC Venture Capital
Moom Bio Completes 300 Million Yuan C+ Round Financing
Yuesai Bio announces the appointment of Ms. Chen Lijuan as acting CEO
A Gene Therapy Company in Hangzhou Officially Opens
Yukadi's Innovative Solid Tumor CAR-T Drug Approved for Clinical Trials
China's First Stem Cell New Drug Submits for Market Approval and Receives Priority Review
CSPC’s First mRNA-LNP-Based CAR-T Cell Injection Approved for Clinical Trials
Nanjing Airport Opens Import and Export Channel for CAR-T Cell Therapy Drugs
Belief BioMed's First AAV Gene Therapy Long-Term Follow-Up Data from Clinical Study Released
China's First mRNA-LNP Technology Group Standard Draft for Comment, Involving Cell Therapy
Jitai Pharmaceuticals Completes $100 Million Series C Financing, Focusing on "AI + Drug Delivery"
Official Signing! A Biomedical Innovation Company Settles in Minhang
Priced at $3.2 Million, First DMD Gene Therapy Receives Full FDA Approval!
Manufacturing Process and Challenges of Universal CAR-T
Two Gene Therapy Companies Merge
Stock Price Surges 477%, CD20 CAR-T Cell Therapy Breakthrough Again
Just now, the FDA released an industry guideline on the development of oligonucleotide drugs.
Clinical Research Ward of Xiamen Cell Therapy Research Center Officially Launched