Samsung Biologics said on the 1st it will invest about 7 trillion won in newly secured land in Songdo International City in Incheon to build research and production facilities for a range of modalities, including cell and gene therapies (CGT), antibody vaccines and peptides.
The company's plan is to expand beyond its existing antibody-centered contract development and manufacturing organization (CDMO) business to secure a next-generation growth engine.
The company on the 28th signed a sales contract with the Incheon Free Economic Zone Authority (IFEZ) for industrial-use land (187,427 square meters) in the Advanced Industrial Cluster of Block 11 in Songdo International City, Yeonsu-gu, Incheon. After being selected as the preferred bidder in Jun., it went through negotiations and signed the final contract. The land purchase price is 248.7 billion won.
The company plans to diversify its current antibody-centered CDMO business by building the third bio campus. Following messenger RNA (mRNA), Antibody-Drug Conjugate (ADC) and Organoid (artificial mini organs), the strategy is to secure basic capabilities for next-generation modalities and respond quickly as the market expands.
The third bio campus will be adjacent to the existing first and second campuses and is slated to be designed so that processes, quality and technical functions can be operated in connection with the existing campuses. The company said, "Through this, we expect to maximize production efficiency, shorten lead times for client companies' businesses and improve responsiveness to global regulations, strengthening competitiveness across operations."
Through the third bio campus development, the company projected more than 10,000 direct and indirect jobs by 2030 and an economic ripple effect of about 12 trillion won.
John Rim, CEO of Samsung Biologics, said, "Following the completion of our transition into a pure CDMO through a spin-off, this contract enables us to enter new modalities and secure a next-generation growth engine," adding, "we can now accelerate toward our goal of becoming a 'global top bio corporations.'"
Samsung Biologics has pursued a "three-pillar expansion strategy" of ▲ expanding production capacity ▲ strengthening the product portfolio ▲ expanding global footholds. The company said it will continue to enhance CDMO competitiveness by integrally applying its four core values, "4E (customer satisfaction, operational efficiency, quality, employee capability)," and "3S (simplification, standardization, scalability)."