Incheon - Samsung Biologics has further cemented its position in the global pharmaceutical sector by securing a significant $352.7 million contract with UCB, a renowned biopharmaceutical company based in Belgium. This new agreement builds on a previous collaboration between the two firms, underscoring their ongoing commitment to healthcare advancement.
According to Yonhap News Agency, this latest contract is an augmentation of a $41.65 million deal initiated in 2017, marking a sustained and fruitful partnership. Under this agreement, Samsung Biologics will manufacture various UCB products, although the specifics remain undisclosed. This collaboration aligns with Samsung Biologics' strategy to enhance its standing in the contract manufacturing organization (CMO) sector, leveraging its substantial production capabilities and broadening its portfolio. The company anticipates a significant increase in its production capacity, reaching 784,000 liters upon the completion of a new plant by April 2025, signaling robust growth prospects for the South Korean conglomerate's biotech division.