Samsung Biologics in $324-M Land Buy for 2nd Bio CampusBy
Samsung Biologics, an Incheon, South Korea-based contract biologics manufacturer, has signed a land purchase agreement for KRW 426 billion ($324 million) with the Incheon Free Economic Zone to support the build-out of its second Bio Campus in South Korea.
The additionally acquired land is located within the Songdo Industrial Cluster and covers an area of 357,366 square meters, which is 30% larger than the company’s current campus. The new Bio Campus will support the company’s further expansion of large-scale manufacturing capacity and will host a multi-modal plant and open innovation facility. As a result of this deal, 4,000 additional jobs are expected to be generated by 2032 when the project is complete.
The company also provided an update on the construction of its fourth biomanufacturing plant at its current campus in Incheon, South Korea. The new plant, which will have 256,000 liters of production capacity, will begin partial operations by October (October 2022). Upon its full completion in 2023, the company will have total biomanufacturing capacity of 620,000 L.
Source: Samsung Biologics