Samsung Biologics Increases Contract Manufacturing Agreement from 184.5 Billion to 300.6 Billion KRW

Contract Counterparty Also Changed from 'Immunomedics' to 'Gilead'

[Image source=Yonhap News]

[Asia Economy Reporter Kim Ji-hee] Samsung Biologics announced on the 7th that the counterparty of the contract for contract manufacturing organization (CMO) signed with Immunomedics in 2018 has been changed to Gilead Sciences.

Samsung Biologics explained, "Although the contract was signed with Immunomedics, Immunomedics was later acquired by Gilead, and upon receiving the final notification from the company that the acquisition procedures were completed, the contract counterparty was changed."

Samsung Biologics and Gilead signed a memorandum of understanding regarding this matter on the 4th. The memorandum includes not only the change of the contract counterparty but also an increase in the contract amount due to an increase in contract volume requested by the client. Accordingly, the contract amount increased from the original 184.5 billion KRW to 300.6 billion KRW. The contract end date is December 31, 2025.

Samsung Biologics signed a CMO contract worth 34.6 billion KRW with Immunomedics in September 2018. Subsequently, as Immunomedics' triple-negative breast cancer drug, Sacituzumab Govitecan, received final approval from the U.S. Food and Drug Administration (FDA), the contract amount increased to 184.5 billion KRW.

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