Samsung Biologics  and AstraZeneca announced a long-term supply agreement, valued at approximately $330.8 million. Under this agreement, Samsung Biologics will provide large-scale commercial manufacturing for drug substance in its Plant 3 as well as drug product to support AstraZeneca's biologics therapeutics, which could be increased to $545.6 million.

By leveraging Samsung Biologics' robust expertise and capabilities in the manufacturing of high-quality biopharmaceuticals, this new partnership will enable AstraZeneca to expand its biologics manufacturing capabilities into the Asia Pacific. According to AstraZeneca, this collaboration agreement is also expected to accelerate Korean bio-health innovation.

Prior to this deal, an LOI signing event was held in June this year at Samsung Biologics' headquarters in Incheon with executives of both companies, Samsung Biologics CEO Tae Han Kim and AstraZeneca Korea's country president Juno Kim in attendance. Leif Johansson, Chairman of the Board and Ms Margareta Ozolins Nordvall, Senior Vice President Supply APAC of AstraZeneca joined the event via a virtual meeting platform due to global travel restrictions amid COVID-19.

South Korean government officials, Mr Jae Joon Kim, Director of Bio-Convergence Industry from Ministry of Trade, Industry, and Energy and Ms Tae Gil Jung, Director of Division of Health Industry Promotion from Ministry of Health and Welfare also joined the signing event.

"This long-term partnership with Samsung Biologics strengthens our manufacturing capabilities, and ensures we are well-positioned to continue to deliver our exciting portfolio of new and established biologics medicines to patients with quality, speed and efficiency," said Pam Cheng, EVP Global Operations and IT, AstraZeneca.

"We are very proud to partner with AstraZeneca, a company that uses a rich history of science-led innovation to serve patients," said Dr Tae Han Kim, CEO of Samsung Biologics. "At Samsung Biologics, our people share this common purpose to help our clients bring innovative solutions to an array of diseases, and we look forward to delivering on our promise to aid in AstraZeneca's ongoing expansion program."