Samsung Biologics Announced $921 Million Deal With Pfizer
Samsung Biologics recently announced a $921 million worth of two deals with the pharmaceutical company Pfizer. The proposed deal is to manufacture pharmaceutical products for the US company.
With this deal, Samsung Group's biotech division will be able to produce pharmaceutical products for immunotherapy, inflammation, oncology, & so on. As per the available details, the plan will remain in effect till 2029, and the products will be prepared in Plant 4 (situated in South Korea).
Samsung Biologics also announced that its latest order would bring the total value of orders from the Pfizer company to around $1.08 billion.
The latest announcement is worth 922.7 billion won (South Korea's currency), and another 254.3 billion won worth of orders. The later order was announced in March and can now be considered a follow-up to that deal.
According to Samsung Biologics, the recent orders and deals will allow it to expand its strategic partnership with Pfizer and other companies. If we look at the value of the contracts won by Samsung Biologics, it becomes clear that the company is indeed telling the truth.
Last year, the company also signed major deals with GlaxoSmithKline, Eli Lilly, and Kinsale, which are all pharmaceutical giants. Looking ahead, it is highly possible that Samsung Biologics may announce more deals as we approach the Q3 and Q4 of 2023.
When the word Samsung is mentioned, people already associate the word with electronic products such as phones, air conditioners, TV, and so on. But in reality, Samsung's business is expanded into a lot of sectors, including the pharmaceutical as well.
In fact, the company's biotech division is already making some major headwinds and has already won billion dollar worth of contracts recently. Looking ahead, Samsung will likely expand into other sectors as well, which will ultimately allow it to grow its size.
At the time of writing this, $1 US Dollar is equivalent to 1,302.4000 won (South Korea's currency).