Singapore: Samsung BioLogics, biologic drug-manufacturing arm of Samsung Group said that it would invest 850 billion Korean won ($740 million) to construct a new biologic drug manufacturing facility in Songdo, South Korea, next to its two existing plants.

The company further mentioned that the new facility will double its production capacity and make it the world's largest contract drug maker.

The new facility, which Samsung said would be completed by September 2018, will have 180,000 liters of capacity.