Samsung Biologics and Pfizer signed two agreements for the long-term manufacturing of Pfizer’s multiproduct biosimilar portfolio, worth $897 million in total.
The first agreement amended one initially signed in March and was increased by $193 million. A second agreement included an increased contract amount now worth $704 million (up from $486 million), marking the deal as the largest single contract awarded to the company to date. The agreements will last through December 31, 2029.
The products will be manufactured at Samsung Biologics’ newest Plant 4, which reportedly holds the world’s largest manufacturing capacity at a single site with 240,000 liters. The company is currently building Plant 5, which is scheduled to be operational in April 2025.
The total deal calls for the manufacturing of multiple products within the client’s portfolio rather than conventional contracts which consist of a single product.
The Pfizer agreements mark the latest new contracts signed by Samsung with global pharmaceutical companies. Samsung has expanded deals with GSK, Eli Lilly, and Roche, and signed Letters of Intent with pharmaceutical companies based in the U.S. and Europe in 2023.
According to regulatory filings, Samsung Biologics has inked new deals worth $1.5 billion so far in 2023, which compares to the $0.4 billion recorded in the first half of 2022.
