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Samsung Biologics Unveils $897M Manufacturing Deals for Pfizer

SEOUL, July 4 (Reuters) - South Korea's Samsung Biologics announced on Tuesday two deals with Pfizer worth a combined $897 million to manufacture products for the U.S. pharmaceutical giant.

The latest deals will see the biotech division of the Samsung Group produce biosimilar products ranging from oncology and inflammation to immunotherapy in the period to 2029 at its new Plant 4 in South Korea.

The latest orders bring this year's combined tally of orders from Pfizer to $1.08 billion, Samsung Biologics said in a statement.

Tuesday's announcements include a $704 million contract, as well as an additional $193 million order that is a follow-up to a deal previously announced in March.

Samsung Biologics welcomed the orders as an expansion of a strategic partnership, adding that its total contracts so far this year had already surpassed last year's annual contract volume.

Earlier this year, Samsung Biologics signed deals with Eli Lilly Kinsale and GlaxoSmithKline.

In March, Samsung Biologics announced a plan to invest 2 trillion won ($1.54 billion) through September 2025 to build a new factory in South Korea.

($1 = 1,302.8100 won)

Reporting by Hyunsu Yim Editing by Ed Davies

Source: Reuters

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