Samsung Biologics snatches record deal with AZ to overachieve last year's orders
Samsung Biologics said in a regulatory filing on Friday it has signed a letter of intent for contract renewal worth $350 million with the British pharma giant. What product will be manufactured was not disclosed under a mutual agreement.
The new deal is an extension to an initial contract signed in May last year. The contract was not publicized as the value did not meet the disclosure requirements. The fresh deal represents nearly 30 percent of Samsung Biologics’ revenue 1.56 trillion won last year.
The order is the largest ever for Samsung Biologics in Korean currency. The previous record was a $368 million deal signed with GSK in August 2020, which was equivalent to about 439 billion won at the time.
Samsung Biologics has so far won eight CMO deals with seven multinational pharmaceutical companies this year. The accumulated deal value comes to 1.27 trillion won, already exceeding last year’s total of 1.16 trillion won.
Shares of Samsung Biologics were 0.2 percent higher at 906,000 won.
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