Samsung Biologics signs $1.29 bn deal with US pharma firm

Seoul: Samsung Biologics, South Korea's leading biotech firm, said on 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 $3.6 billion, it said in a press release, reports Yonhap news agency.

Samsung Biologics did not disclose the name of the U.S. 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.