[THE INVESTOR] Samsung BioLogics said on Dec. 5 it has signed a contract with Saint-Gobain for supply of single-use biopharmaceutical manufacturing equipment.
Under the deal, the French firm will supply up to 160 types of plastic parts such as tubes, hose and filers to the Incheon-based contract drug manufacturer.
Samsung BioLogics is seeking to shorten its material lead time, which takes four months to go through customs and import procedures, to one month, as Saint-Gobain plans to build a plant in Songdo, Incheon.
“The supply contract will enable us to level up our competitiveness by providing products to clients swiftly at a competitive price,” Samsung BioLogics CEO Kim Tae-han said in a statement.
The company emphasized its contribution to forming a biopharma cluster in Songdo, one of the government’s initiatives, by encouraging its global partners to set up entities there.
In 2016, Merck and GE Healthcare invested some 3 billion won (US$2.68 million) and 8.7 billion won to establish M-Lab Collaboration Center and GE Fast Trak Center in Songdo.
The move comes as Samsung BioLogics is seeking a court injunction to nullify disciplinary actions by the country’s financial regulator. A final decision is expected on Dec. 19.
In two separate rulings, the Securities and Futures Commission of the Financial Services Commission concluded that the contract drug manufacturer intentionally breached accounting rules in 2015 and recommended the firm to dismiss executives involved in the case with a fine of 8 billion won.
By Park Han-na (firstname.lastname@example.org)