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| Samsung Biologics's office in Songdo, Incheon / Courtesy of Samsung Biologics |
Samsung Biologics, the biotech arm of Korea's Samsung Group, aims to expand its presence in the global market through full ownership of Samsung Bioepis, its chief executive said Tuesday.
Samsung Biologics is the leading contract development and manufacturing organization (CDMO) specializing in the development and manufacturing of biopharmaceutical products for major pharmaceutical firms from both home and abroad.
In an aim to expand its business sector, Samsung Biologics reached a deal with Biogen earlier this year to buy the U.S. drugmaker's entire stake in Samsung Bioepis for $2.3 billion.
"Through the takeover of Samsung Bioepis' shares, we aim to develop into a biopharmaceutical firm that comprehensively has three pillars ― CDMO, biosimilars and new drug development," CEO John Rim said during a shareholders' meeting.
Rim also said the transaction is expected to boost its earnings growth on a consolidated basis by fully capitalizing on Samsung Bioepis' growth outlook.
For 2021, Samsung Biologics reported a net profit of 393.6 billion won ($322.5 million), up 63.3 percent from a year earlier, on the back of the stellar performance of its flagship drugs.
"The company reported sales and operating income (for 2021) that jumped 35 percent and 84 percent, respectively, despite being in the midst of the COVID-19 pandemic, by securing more deals and increasing operations at its three plants," the chief said.
Samsung Biologics currently operates three plants in Songdo, west of Seoul, and is building a fourth, which is set to be partially operational from October starting with a bioreactor capacity of 60,000 liters.
With the fourth plant's completion, the company is expected to secure a combined bioreactor capacity of 620,000 liters by 2023, making it the largest CDMO at a single location in the world. (Yonhap)
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