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Samsung Biologics revealed on Monday, Sept. 18, that it has closed a contract manufacturing organization deal (CMO) with Bristol-Myers Squibb to produce immunotherapy medications until 2030. The contract is said to be worth $242 million.
Bristol-Myers Squibb is one of the long-term customers of Samsung Biologics, so this is just another deal for a new production request. They have been working together for the CMO business since 2013. In any case, on the part of the Korean biopharmaceutical company, this contract has been added to its streak of wins for CMO projects this year alone.
Collectively, the company is close to hitting the KRW3 trillion or $2.26 billion mark for all of its deals so far in 2023. Reaching this amount is said to be a milestone for Samsung Biologics as it is happening for the first time.
As per The Korea Herald, as of September 2023, the Incheon-based biotechnology firm was able to secure contract manufacturing deals with 14 of the world’s top 20 pharmaceuticals. Novartis and Pfizer are the other major brands that signed large-scale agreements with the company.
Meanwhile, Samsung Biologics agreed to produce immunotherapies of Bristol-Myers Squibb. These will be manufactured in its fourth plant in the span of seven years.
An official of the biotech arm of the Samsung Group said, “Securing the latest deal was possible as Samsung Biologics has proved itself as a reliable contract manufacturer to its global partners, with its large production capacity, fast manufacturing speeds and consistent, high-quality output.”
“Our relationship with Bristol Myers Squibb spans over a decade, and we are proud and excited to help bring important medicines to patients around the world,” Samsung Biologics’ president and chief executive officer, John Rim, further said in a statement. “This collaboration with Bristol Myers Squibb underscores our commitment to expediting the delivery and ensuring the continuous supply of client pipelines, enabled by our commitment to manufacturing quality, innovation, and capacity.”
Photo by: Samsung Biologics Newsroom
