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Samsung BioLogics begins construction on their third facility in Songdo, Korea.
On Dec. 21, 2015 Samsung BioLogics celebrated the groundbreaking of its third plant in Incheon Free Economic Zone, Songdo, Korea. More than 500 guests attended the event, including Jay Y. Lee, Samsung Electronics vice president, and TH Kim Ph.D., chief executive officer.
The company invested $850 billion in the facility, which will have a maximum capacity of 180,000 liters. The plant is expected to be complete by 2017 and will begin operation in the fourth quarter of 2018, following validation.
According to the company, once the new facility begins operation, they expect it to be the world's largest biologics contract manufacturing organization (CMO), with a total production capacity of 360,000 liters. The company expects to reach $2 trillion in annual sales and $1 trillion in operating profit.
"We are investing in a third plant to provide a stable supply of biopharmaceuticals, a market which is growing exponentially, and to meet the manufacturing demands from global biopharmaceutical companies," said Kim in a press release.
In the future, Samsung BioLogics says they will continue to expand their CMO business with further investments planned for fourth and fifth plants. The company’s first plant has recently received official approval for production from FDA and its second plant is scheduled to begin operation in early 2016.
Source: Samsung BioLogics