Samsung Biologics, a South Korean contract development and manufacturing organization, announced Tuesday that the company has finalized two record deals worth $897 million with Pfizer.

The deals completed Tuesday include a $193 million deal and a $704 million deal announced on June 8 in its regulatory filing.

Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to a total of $1.08 billion.

The combined value of total contracts Samsung Biologics signed this year so far reached $1.48 billion, surpassing the total amount of deals signed last year.

Under the $704 million deal, Samsung Biologics will manufacture Pfizer’s multiple biosimilar products, including treatments for tumor and inflammatory diseases, until 2029, according to Samsung Biologics.

Pfizer’s biosimilar products will be produced at its fourth plant in Songdo, the world’s largest single pharmaceutical manufacturing facility with a capacity of 240,000 liters, the company added.

“The ($704 million deal) is meaningful because it is a long-term contract for multiple products from a global pharmaceutical firm,” an industry source said. “The deal has proven that Samsung Biologics is now widely recognized as a trustworthy contract manufacturer among major players in the pharmaceutical industry.”

Samsung currently has 13 of the world’s top 20 pharmaceutical companies as its clients. This year, Samsung Biologics’ signings with international pharmaceutical companies include, a $27 million deal with GSK in February, a $177 million deal with Eli Lilly in March and a $11 million deal with Roche in June.

Samsung Biologics has been able to continue securing deals, largely based on the company’s continuous investment in increasing manufacturing capacity.

To date, Samsung Biologics has secured a manufacturing capacity of 604,000 liters through its four plants. When its fifth plant opens, which is slated to begin operations in April 2025, its total capacity will jump to 784,000 liters.

“Samsung Biologics started construction of the fifth plant in April and moved up its operation by four months from September to April in 2025, to quickly respond to surging demand in the pharmaceutical industry,” an official from Samsung Biologics said.

In addition, Samsung Biologics has been trying to shorten the time required for technology transfer, which has helped the company to respond to urgent requests from its partners. Samsung Biologics said it currently takes around 3 months for the company to be equipped with the technologies required for manufacturing new products.

Other industry sources pointed out that Samsung Biologics’ regional offices have also helped the company to quickly reach out to its partners. Samsung Biologics opened a research and development center in San Francisco in October 2020 and a new sales office in New Jersey in March this year.

“Samsung Biologics will consider opening new overseas offices to find new clients and improve communications with its clients,” Samsung Biologics said.

John Rim, appointed in December 2020, has played a key leadership role in the growth of Samsung Biologic over the past years, the sources added. Rim has been more directly involved in the company’s sales activities in the overseas markets to improve partnerships with its clients and to expand its business network, according to the sources.