Seoul, Oct 22 (IANS): Samsung Biologics on Tuesday said it has signed a deal worth $1.24 billion for contract manufacturing from an Asia-based biopharmaceutical firm.

The deal will last until the end of 2037, the company said in a regulatory filing. Other details remained undisclosed under a confidentiality agreement, Yonhap news agency reported.

Samsung Biologics said the deal reached almost half of the value of its combined manufacturing deals for last year at 3.5 trillion won ($2.53 billion).

So far this year, Samsung Biologics has secured nine deals worth a combined 4.36 trillion won with global biopharmaceutical companies.

In the second quarter, announced in July, the company’s consolidated revenue reached 1.16 trillion won, while operating profit stood at 434.5 billion won. On a standalone basis, the company achieved a revenue of 810.2 billion won, while operating profit came to 329.2 billion won during the same period.

According to the company, the results were driven by the full utilisation of Plants 1 through 3 and the ramp-up of Plant 4 operations.

Samsung Biologics also secured contracts with global pharma, partnering with 16 of the top 20 global pharma companies. The company’s cumulative contract volume surpassed $13 billion as of June.

In line with the company’s commitment and vision to innovation and growth, Samsung Biologics continued to make strategic investments in diverse modalities.

The first half of 2024 saw consolidated revenue of 2.1 trillion won and an operating profit of 655.8 billion won, the company said.

Its Plant 5, expected to be operational by April 2025, will enable the company to provide additional capacity to deliver timely client services.