18 July 2022 | News
Plans to build Multi-Modal Plant, Open Innovation, and expanded manufacturing capacities
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Samsung Biologics, a South Korea-based contract development and manufacturing organization (CDMO), has signed a land purchase agreement with the Incheon Free Economic Zone(IFEZ) to support the build out of its second Bio Campus.
The additionally acquired land is located within Songdo Industrial Cluster, covering an area of 357,366 square meters which is 30% larger than the company's current campus. Bio Campus II is designed to support Samsung Biologics' further expansion of large-scale manufacturing capacity as well as host a multi-modal plant and an open innovation facility. The land purchase was valued at KRW 426 billion.
The land was awarded to Samsung Biologics in accordance with the IFEZ's strategy to strengthen the region's global competitiveness in the biopharma sector while fostering partnerships with small and mid-sized venture companies. As a result of this deal, 4,000 additional jobs are expected to be generated by 2032 when the project is complete.
Samsung Biologics' Plant 4 is currently under stable construction to begin partial operations by October this year, and the company is steadily securing pre-sales with clients. Upon the full completion of Plant 4 in 2023, the company is expected to hold the world's largest biomanufacturing capacity.