Samsung Biologics Secures $921 Million Manufacturing Deal with Pfizer for Biosimilars Production

SmartCom APP learned that Samsung BioLogics Co. Ltd. announced on Tuesday that it had reached two deals with Pfizer, Inc. (PFE.US) to produce products for the American pharmaceutical giant, with a total value of approximately 1.2 trillion won (9.2138 billion US dollars).

The two deals include a contract worth 922.7 billion won and an additional order worth 254.3 billion won, which is a follow-up order to a transaction announced in March. Under the agreement, Samsung Biologics will produce a range of biosimilars, from oncology, inflammation to immunotherapy, at its newly built fourth plant in Korea. The contract runs until 2029.

Samsung Biologics stated in a release that the latest order brought Pfizer's total orders this year to $1.08 billion.

Samsung Biologics welcomed these orders, viewing them as an expansion of strategic partnerships, and added that so far this year, the company has secured contracts worth a total of 1.93 trillion Korean won, surpassing the total contract value for the entire previous year.

It is reported that earlier this year, Samsung Biologics signed agreements with the Kinsale, Ireland branch of Eli Lilly (LLY.US) and GlaxoSmithKline (GSK.US).