Samsung Biologics announced in a regulatory filing with Korea Exchange that it has signed a ₩511B (US$390M) contract with Novartis to manufacture its products in Korea from 1 January 2023 through to the end of 2028. The exact products which will be produced at the plant have not been revealed.
The deal was announced on 7 June last year, when Samsung Biologics and Novartis signed a letter of intent for the deal. It was originally worth ₩100B (US$81M), however the companies have increased the investment by ₩411B.
On 4 July 2023, Samsung Biologics announced two manufacturing deals with Pfizer worth US$897M.