[Source: Samsung Biologics Co.]
Samsung Biologics is building a new campus at 7 trillion won ($5.3 billion) to double its capacity from its current rank, already at the world’s largest among biologics contract development and manufacturing organizations (CDMO).
The contract drug developer and manufacturer under South Korea’s Samsung Group will set up a second manufacturing campus in Songdo, Incheon on the western coast of the country. Samsung Biologics has signed an agreement to purchase 357,000 square meters of land for the new manufacturing campus at 426 billion won ($323 million), the company announced Monday.
Samsung Biologics shares fell 0.86 percent to close at 810,000 won on Monday.
The new manufacturing campus will sit next to its first manufacturing campus in Songdo, where the company began constructing the fourth factory with the world’s largest production capacity of 620,000 liters last year for the operational start in October this year.
Samsung Biologics plans to set up additional four plants on the second Songdo campus.
The new project is estimated at 7 trillion won. The company projects to create 400 new jobs a year to hire 4,000 by 2032. Including contract workers and those hired for plant construction, about 10,000 jobs are to be created.
The company aims to develop the area as a biologics cluster by supporting smaller firms’ growth.
By Kim Si-gyun and Cho Jeehyun
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