Samsung BioLogics is in discussions with over 15 global pharmaceutical firms on multiple supply deals, the company's CEO said, as the biopharmaceutical unit of South Korea's Samsung Group expands its presence in the global pharmaceutical market.
"Samsung BioLogics already inked deals worth US$2.9 billion with six global pharmaceutical firms to supply a total of nine products," said Kim Tae-han on Tuesday. "The company is currently in negotiations with over 15 firms to supply more than 30 products."
The remarks were made during the JP Morgan Healthcare Conference, an annual healthcare event that kicked off in San Francisco, with the participation of over 1,500 pharmaceutical firms from more than 40 different countries.
Samsung BioLogics, which currently produces products for world-famous pharmaceutical brands such as U.S.-based Bristol-Myers Squibb and Switzerland-based Roche Holding, made a debut on the South Korean stock market in November 2016. Industry watchers forecast that Samsung BioLogics will have the world's largest capacity for a biologics contract manufacturing organization soon.
"The company will change the market's paradigm so that biopharmaceutical CMO manufacturers can lead the bio-industry," said Kim.
Samsung BioLogics said it will expand its CMO business to help not only small firms but also work together with multinational pharmaceutical companies.
South Korea's leading conglomerate has been realigning its business portfolio to find new revenue sources. In particular, Samsung's heir apparent Lee Jae-yong has pointed out that the biosimilar business is one of the group's key businesses for the future. Samsung BioLogics is 52.1 percent owned by Samsung Group's de facto holding company Samsung C&T Corp. and 47.8 percent controlled by Samsung Electronics Co., a global tech giant. (Yonhap)