Bristol-Myers Squibb (BMS) and Samsung Biologics have entered into a 10-year agreement under which Samsung will manufacture a commercial antibody cancer drug for BMS at its recently completed plant in Songdo Incheon, South Korea. Samsung Biologics, a biopharmaceutical-focused branch of electronics giant Samsung, broke ground for the Incheon plant back in May 2011 and reportedly invested 330 billion won ($303 million) to set it up.
According to the firms, tech transfer and trial production was slated to begin this month. Commercial production is set to commence immediately following regulatory approvals. Financial terms were not disclosed.
"The relationship with Bristol-Myers Squibb represents the validation of our long-term commitment to the biopharmaceutical manufacturing industry," said Tae-Han Kim, president and CEO of Samsung Biologics.
Although a relatively young company, this isn't Samsung Biologics' first major deal: In December 2011, the firm established a joint venture with Biogen Idec to develop and market biosimilars. This JV, dubbed Samsung Bioepis, entered into an agreement with Merck back in February to develop and commercialize multiple prespecified and undisclosed biosimilar candidates.