Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
Bain Capital Nears Deal for Majority Stake in Volkswagen Marine Engine Unit Everllence 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
DOJ Opens Investigation Into NYC Coffee Shop Over Anti-Goldman Social Media Post 
Meta Reportedly Developing ‘Arena’ Prediction Market App to Rival Polymarket and Kalshi 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
New Zealand Fast-Tracks Gold Mining as Industry Revival Gains Momentum 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
South Korea Stocks Tumble as AI-Fueled Rally Faces Profit-Taking Pressure 
Samsung Biologics and Novartis International AG signed a contract manufacturing organization deal, and this was announced on Tuesday, June 7. The deal is worth $81 million.
According to The Korea Herald, the South Korean biotech company signed an intent letter for the CMO with the Swiss multinational pharmaceutical corporation. The agreement was announced via Samsung Biologics’ regulatory filing that also revealed that the companies signed the initial contract late last week.
Based on the report, the amount of the contract is equivalent to 6.41% of Samsung Biologics’ annual sales last year, which reached KRW1.57 trillion or around $1.25 billion. Then again, it was not mentioned which of Novartis’ biopharmaceutical products Samsung Biologics is producing under the CMO agreement.
The Korean biotech firm said that it would be releasing more deals in the future after both parties signed the main contract for their CMO partnership. The collab is said to be the first time Samsung Biologics is securing a deal from the Swiss pharmaceutical company.
“The letter of intent was the first contract between the two firms,” an official of Samsung Biologics stated. “We look forward to continuing to have cooperative relations through this deal in the future.”
The Korea Economic Daily reported that the latest deal increased Samsung Biologics’ total for CMO contracts to $400 million. The company has so far won orders from other multinational pharma firms such as GSK plc that is formerly known as GlaxoSmithKline plc, and Eli Lilly & Co. this year. In comparison, the firm was able to secure $1 billion worth of CMO contracts in 2021.
The South Korean CMO drugmaker obtained contracts from the top pharmaceutical firms in the world, including Bristol Myers Squibb, Roche, Johnson & Johnson, and Merck & Co. It was added that Samsung Biologics also has a contract with Gilead Sciences Inc. in the US.
Meanwhile, Samsung Biologics has been mostly manufacturing antibody treatments recently instead of cell-gene therapy (CGT). It has built up production facilities to make the drug substance for the messenger ribonucleic acid (mRNA)-based COVID-19 vaccines in its plant.
