In a bid to widen its biotech industry, a division of Samsung Group that specializes in biotechnology, Samsung Biologic has signed a land purchase contract worth 426 billion, about $323 million, to build a second campus inside a free economic zone west of Seoul.
The agreement signed between Incheon Metropolitan City and Samsung Biologics would allow the company to build its new campus on a 357,000-square-meter plot of land in Songdo International City, which is part of the Incheon Free Economic Zone (IFEZ).
At a signing ceremony held at Incheon City Hall, Samsung Biologics CEO John Rim stated that the company intends to become a global industry leader by “implementing our investment plan without any setbacks.” Likewise, the firm also stated that it expects to create 400 new jobs per year following the construction of the new campus, with a total of 4,000 new jobs created by 2032.
Samsung Biologics intends to invest 7 trillion won in the construction of four new plants on the site near the company headquarters. The new campus is roughly 30% larger than the nearby first campus. The company currently operates three plants and is building a fourth on the original campus.
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Additionally, the biotech firm plans to expand its production facilities in response to the rapidly increasing global contract development and manufacturing organization (CDMO) demand. The company is a leading CDMO specializing in developing and manufacturing biopharmaceutical products for major pharmaceutical companies domestically and internationally.
From 2011 to 2018, the firm built three manufacturing plants with a combined capacity of more than 360,000 liters, making it the world’s largest contract-based manufacturer in the biopharmaceutical sector on a single site. Samsung Biologics has had a research and development center in San Francisco, California, since 2020.
It formed Samsung Bioepis, a biosimilar medicine producer, with Biogen in 2012. In 2022, the company purchased all remaining shares from Biogen for $2.3 billion, resulting in full ownership of Samsung Bioepis. Samsung Biologics became the first contract manufacturing organization to receive ISO 27001 certification in November 2019. Stay connected with TechGenyz as we bring you the latest updates in the Tech world.