Dollar Slips as Strong U.S. Jobs Data Reduces Fed Rate Cut Expectations 
Saudi Aramco Q1 Profit Jumps 25% as Strait of Hormuz Crisis Reshapes Oil Exports 
Armani Group Eyes Strategic Stake Sale to Luxury Giants 
US Stock Futures Slip as Trump Rejects Iran Peace Proposal Amid Rising Middle East Tensions 
European Stocks Fall as US-Iran Conflict Rekindles Energy Supply Fears 
ECB Signals Possible Interest Rate Move if Inflation Outlook Fails to Improve 
China Inflation Jumps as Iran Conflict Drives Energy Costs Higher 
Sony Forecasts Lower 2027 Profit Despite Strong Music and Sensor Growth 
Dollar Rises as Strait of Hormuz Crisis Pushes Oil Prices Higher 
OCBC Q1 Profit Rises 5% on Strong Wealth Management and Non-Interest Income 
Dollar Struggles to Rally Despite Strong US Data as Fed Hike Expectations Remain Limited 
Trump to Visit China for Key U.S.-China Summit With Xi Jinping 
Trump Invites Top CEOs Including Nvidia, Apple, Boeing to China Summit With Xi Jinping 
Trump Rejects Iran Proposal as Strait of Hormuz Crisis Pushes Oil Prices Higher 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Indian Stock Market Drops as Iran Conflict Fuels Oil Price and Inflation Fears 
Reliance Industries Reworks Jio IPO Into Fresh Share Sale Amid Valuation Talks 
Samsung Biologics Co. was revealed to have won a new CMO contract deal with Pfizer Ireland Pharmaceuticals. The order is said to be worth $183 million, which is equivalent to 15.4% of Samsung Biologic's total sales profits in 2021.
Samsung Biologics is currently the no. 1 contract drug maker in the world based on production capacity. It has bagged this huge contract manufacturing organization (CMO) order from the Ireland unit of Pfizer Inc. the deal just raised expectations that the biotech division of Samsung Group's orders for this year will reach a new record high.
As per The Korea Economic Daily, Samsung Biologics announced its new CMO order through a regulatory filing on Thursday, March 2. Although this was only revealed now, the actual order was made by Pfizer Ireland Pharmaceuticals Ringaskiddy on Feb. 28.
Then again, the biotech firm did not mention the name of the medicine that it will make for Pfizer. It was stated in the contract that the manufacturing will run from Feb. 20, 2023, to Dec. 31, 2029.
In any case, this is the first time that Samsung Biologics or any Korean company has signed a CMO deal with the New York-headquartered pharmaceutical and biotech firm. Korea Joongang Daily reported with the latest business announcement, Samsung Biologics now boasts of having seven of the world's top 10 largest pharmaceutical firms as clients.
The Korean biotech company was established in 2011, and it has started partial operation of its fourth factory in Songdo, Incheon, just recently. This facility will have the capacity to produce 240,000 liters when it goes into full operation in June. This is said to be the largest single pharma production facility in the world.
Meanwhile, Samsung Biologics is investing another KRW 7.5 trillion or about $5.7 billion to build four new plants inside a manufacturing complex near its existing plants in the Songdo region.
