Samsung Biologics Expands Contract Size Fivefold Following Client's FDA Approval of Product
[Asia Economy Reporter Choi Dae-yeol] Samsung Biologics announced on the 23rd that it has expanded the contract size as the product of a cancer drug developer, with whom it signed a contract for contract manufacturing in 2018, received final approval from the U.S. Food and Drug Administration (FDA).
The company disclosed that the contract amount with Immunomedics, a U.S.-based cancer drug development specialist pharmaceutical company, changed from approximately 34.6 billion KRW to 184.46014 billion KRW on the same day. Samsung Biologics had previously signed a contract manufacturing organization (CMO) contract in September 2018. The initial amount was a minimum guaranteed contract amount, and it was stated that the contract size could increase until 2025 if the product development succeeded. The product in question is Immunomedics' triple-negative breast cancer new drug, "Sasituzumab Govitecan."
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Samsung Biologics commented, "This is the first case of a correction disclosure where the contract amount expanded as the client succeeded in product development among our CMO contracts," adding, "It once again proves our CMO competitiveness worldwide, and the fact that the contract amount can increase further at any time is meaningful."
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