Samsung Biologics Co. Ltd., a leading biotechnology company in South Korea, recently released a statement claiming that it has successfully entered a partnership deal with the Icheon metropolitan city to procure space for constructing a second Biocampus in the area.

Sources claimed that the contract will mainly focus on the construction of a research and manufacturing wing in the 11th district of Songdo International City, within the Incheon Free Economic Zone (IFEZ).

The primary goal of this development is to be able to meet the biopharmaceutical industry's increasing need to maximize production in the face of several pandemic outbreaks. Notably, this development is expected to create around 4000 jobs in the area by the end of 2032.

Speaking of its size, the 357,000 square-meter site is nearly 30% bigger than the company’s previous Biocampus in Songdo, which spans 238,000 square-meter lands. The second campus is expected to house four factories within the budget of USD 5.35 billion.

At present, 3 factories are operated under the Korean contract development and manufacturing organization (CDMO), while the fourth one is still under construction on the first campus. 

It is worth mentioning that this sales contract signed between Icheon city and Samsung Biologics is estimated to be worth USD 323 million.

Apart from housing top-end biopharmaceutical production capacities, the second Biocampus is also expected to integrate an Open Innovation Center which will encourage biotech startups, thereby leveraging its R&D and analysis services.

Crediting the Ministry of Trade, Industry, and Energy, and Incheon metropolitan city, CEO, John Rim asserted that the company would continue to expand its manufacturing capabilities, while also amplifying its efforts to develop the region.

Rim added that they will keep providing diversified services to their clients to remedy emerging diseases in the global arena.

Source Credits –

https://www.koreaherald.com/view.php?ud=20220718000667&np=1&mp=1