SEOUL, South Korea, Dec. 21, 2015 /PRNewswire/ -- Samsung BioLogics today celebrated the groundbreaking of its third plant in Incheon Free Economic Zone, Songdo, Korea. Joining the event were Samsung Electronics Vice Chairman Jay Y. Lee, Samsung BioLogics President & CEO Dr. TH Kim and over 500 attendees.
With a total investment of 850 billion won, the third plant will be a world-leading facility both in terms of capacity (180,000 liters) and production efficiency. The plant is expected to be completed by 2017 and begin operation in the fourth quarter of 2018 after validation.
Once it begins operation, Samsung BioLogics expects to become the world's largest biologics contract manufacturing organization (CMO) with a total production capacity of 360,000 liters.
"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 Dr. TH Kim, CEO of Samsung BioLogics. "With the world's largest capacity and the capability to operate 365 days a year non-stop, the third plant will boast world-class quality and productivity. "
Once the third plant is in full operation, Samsung BioLogics expects it will be able to reach 2 trillion won in annual sales and 1 trillion won in operating profit. In the longer term, the company plans to continuously expand its CMO business with further investments planned for 4th and 5th plants.
Samsung BioLogics' first plant has recently received official approval for production from the U.S. Food and Drug Administration, and its second plant is scheduled to begin operation in early 2016.
SOURCE Samsung BioLogics