Samsung Biologics has Strategically Partnered with Pfizer for the Long-Term Production of Pfizer's Biosimilars

Samsung Biologics has strategically partnered with Pfizer for the long-term production of Pfizer's biosimilars.

Pfizer recently announced a strategic partnership with Samsung Biologics to manufacture its multi-drug portfolio.

On June 8th, Samsung Biologics officially announced the signing of a letter of intent for a CMO agreement worth approximately $53.5 million with Pfizer for the production of biosimilars. This agreement accounts for 17.8% of Samsung Biologics' revenue from the previous year, making it the company's largest contract in terms of order amount.

Previously, in March, Pfizer had signed its first CMO agreement with Samsung Biologics for one product. Under this new contract, Samsung Biologics will be responsible for manufacturing Pfizer's diverse portfolio of biosimilars, including anti-cancer agents, anti-inflammatory agents, and immunotherapy drugs, in its recently completed Plant 4. The total value of orders received by Samsung Biologics from Pfizer this year amounts to approximately $77.6 million.

John Rim, CEO of Samsung Biologics, expressed his delight in expanding the collaboration with Pfizer, stating, "I am pleased that we can expand our cooperation with Pfizer, a company that shares a vision of providing innovative solutions to patients worldwide. This contract was made possible due to the completion of Plant 4 as scheduled earlier this month. The company is also pushing forward with the expansion of the second Bio Campus to provide even more flexible and advanced CMO services to our clients."

Mike McDermott, Pfizer's Chief Global Supply Officer, stated, "This partnership demonstrates Pfizer's great trust in the Korean pharmaceutical industry. We are pleased to continue and expand our strategic partnership with Samsung Biologics to offer better treatment options for patients worldwide."

Dong-Wook Oh, the CEO of Pfizer Korea, added, "The collaboration with Samsung Biologics will contribute to addressing increasingly prevalent health crises and significantly improving patients' lives."