Samsung Biologics, a worldwide contract development and manufacturing firm, has signed a $1.24 billion contract manufacturing agreement with an Asia-based pharmaceutical company—the biggest deal ever made with a single client.

Manufacturing will occur at Samsung Biologics' biomanufacturing plant in Songdo, South Korea, with the agreement lasting until December 2037. The company has signed a new deal that brings their total contracts for 2024 to over $3.3 billion.

“We are pleased to strategically collaborate with the Asia-based pharmaceutical company to bring effective, high-quality biopharmaceuticals to the global market,” said John Rim, President and CEO of Samsung Biologics. “The deal comes at a significant time as we proactively build on our biomanufacturing capacity to readily support our clients. Leveraging our capabilities and proven expertise, we plan to maintain momentum for further expansion by fostering trusted and sustainable partnerships with potential and existing clients for mutual growth, and ultimately help patients with unmet needs.”
 
Samsung Biologics has collaborated with 17 out of the top 20 pharmaceutical companies globally and is further extending its client base to important areas such as Japan. Besides having sales offices in the U.S., the company intends to establish a regional office in Tokyo to strengthen client relationships.