Venture breaks ground for plant in Incheon
Samsung Biologics broke ground for its plant in Incheon on Friday.
The company is Samsung Group’s biologics venture established in collaboration with the U.S.-based pharmaceuticals services provider Quintiles Transnational Corp. in April. Samsung Electronics Co. and Samsung Everland Inc. each own a 40 percent stake in the venture, with the remainder divided equally between Samsung C&T Corp. and Quintiles Transnational. Biologics refer to chemicals and other materials used for therapeutic purposes produced using biologic processes.
The works went underway in a ceremony attended by 500 dignitaries including Minister of Knowledge Economy Choi Joong-kyung and Samsung Electronics vice chairman Choi Gee-sung.
Minister of Knowledge Economy Choi Joong-kyung (third from left), Samsung Electronics vice chairman Choi Gee-sung (second from left) and Incheon Mayor Song Young-gil (second from right) take part in Samsung Biologics’ groundbreaking ceremony in Incheon on Friday. (Yonhap News)
Samsung Biologics chief Kim Tae-han said that the company’s aim was to contribute to the “advancement of the country’s bio-pharmaceuticals industry and economy” and that the company would provide a stable source of biologics for those suffering from chronic conditions such as arthritis and multiple sclerosis.
Located in the Songdo area of the Incheon Free Economic Zone, the plant will be built with an investment of 330 billion won ($305 million) in a 274,000-square-meter complex.
The company plans to complete the construction works by the end of 2012, and begin producing biologics from the first half of the following year.
The company said that the plant will be equipped with the latest biologics manufacturing equipment including a 30,000-liter cell culture vat.
Along with the plant, a research and development center for biosimilars and pharmaceuticals will also be built at the site, the company said.
The company said that the plant will follow protocols conforming to the U.S. Food and Drug Administration’s current Good Manufacturing Practice standards, and that most of the plant’s output will be exported.
Samsung Biologics said that along with biologics production, it will also operate as a contract manufacturing organization and will eventually enter the business of developing new drugs. A contract manufacturing organization or CMO produces pharmaceuticals for multinational drug makers.
By Choi He-suk (email@example.com