INCHEON, South Korea, July 18, 2022 /PRNewswire/ -- Samsung Biologics (KRX: 207940.KS), the world's leading contract development and manufacturing organization (CDMO), announced that it has signed a land purchase agreement with the Incheon Free Economic Zone(IFEZ) on July 18th to support the build out of its second Bio Campus.
The additionally acquired land is located within Songdo Industrial Cluster, covering an area of 357,366 square meters which is 30% larger than the company's current campus. Bio Campus II is designed to support Samsung Biologics' further expansion of large-scale manufacturing capacity as well as host a multi-modal plant and an open innovation facility. The land purchase was valued at KRW 426 billion.
The land was awarded to Samsung Biologics in accordance with the IFEZ's strategy to strengthen the region's global competitiveness in the biopharma sector while fostering partnerships with small and mid-sized venture companies. As a result of this deal, 4,000 additional jobs are expected to be generated by 2032 when the project is complete
"This milestone further solidifies our roadmap to build a world-class global bio-hub at the heart of Songdo," said John Rim, CEO and President of Samsung Biologics. "Through continuous investment, we will maintain our position as the best-in-class CDMO partner, fully equipped with the world's largest manufacturing capacity and provide diverse service offerings to our clients to address new emerging diseases and save lives of patients worldwide."
"Samsung Biologics' achievements over the past decade are remarkable and highly impressive," said Jeong Bok Yoo, Mayor of Incheon Metropolitan City. "The city will do its best to support the development of the bio industry's infrastructure and further drive Songdo to become a global bio hub."
Samsung Biologics' Plant 4 is currently under stable construction to begin partial operations by October this year, and the company is steadily securing pre-sales with clients. Upon the full completion of Plant 4 in 2023, the company is expected to hold the world's largest biomanufacturing capacity.
About Samsung Biologics Co., Ltd.
Samsung Biologics (KRX: 207940.KS) is a fully integrated CDMO offering state-of-the-art contract development and manufacturing services. With proven regulatory approvals, the largest capacity, and the fastest throughput, Samsung Biologics is an award-winning partner of choice and is uniquely able to support the development and manufacturing of biologics products at every stage of the process while meeting the evolving needs of biopharmaceutical companies worldwide. For more information, visit www.samsungbiologics.com
Samsung Biologics Contact:
Claire Kim
Senior Director of Global Marketing Communications
cair.kim@samsung.com
View original content:https://www.prnewswire.com/news-releases/samsung-biologics-to-purchase-land-for-its-second-bio-campus-301587964.html