Samsung Biologics Co., South Korea's leading biotech firm, said Tuesday it has secured a 1.8 trillion-won ($1.29 billion) contract to provide manufacturing services for a US pharmaceutical company through 2029.
The latest agreement raises the company's cumulative contract manufacturing value this year to more than US$3.6 billion, it said in a press release.
Samsung Biologics did not disclose the name of the US firm.
Samsung Biologics said it has landed sizable deals this year by responding to evolving client needs in Asia, Europe and the United States.
The company has partnerships with 17 of the world's top 20 pharmaceutical firms and continues to extend contracts with existing clients to support the development of new therapies, the release said.
Samsung Biologics currently operates five biopharmaceutical plants in Songdo, just west of Seoul, with three additional facilities scheduled for completion by 2032.
Its existing plants have a combined annual capacity of 784,000 liters, which will increase to 1.324 million liters once the new facilities come online.
In the first half of this year, Samsung Biologics' operating profit jumped 47 percent on-year to 962.29 billion won on revenue of 2.59 trillion won, up 23 percent from a year earlier. (Yonhap)
