Samsung Biologics, First CMO with Novartis... $81 Million Deal
[Asia Economy Reporter Lee Chun-hee] Samsung Biologics announced on the 7th that it signed a letter of intent for a contract worth $81 million (approximately 100.5 billion KRW) for contract manufacturing organization (CMO) of biopharmaceuticals with Novartis on the 4th.
Novartis is a global pharmaceutical company ranked 5th worldwide in sales last year, but had not previously signed a CMO contract with Samsung Biologics. A Samsung Biologics official stated, "This letter of intent is the first contract between the two companies," and added, "We hope to continue a cooperative relationship through this contract."
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With this, Samsung Biologics has secured cumulative orders worth $402 million (approximately 497.4 billion KRW) this year. Earlier, in February and March, it succeeded in additional orders worth $104 million through volume changes in existing contracts with GlaxoSmithKline (GSK), followed by contracts worth $92.04 million with Eli Lilly and $124.1 million with a European pharmaceutical company, among others.
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