Samsung Biologics Signs CMO Deal with CytoDyn of the U.S.
- Minimum contract volume to reach $31 mil... may increase up to $246 mil. contingent upon successful product development and commercialization
- Samsung Biologics to manufacture Leronlimab, an HIV treatment drug designated as FDA fast track
- Sweeps 6 categories of CMO Leadership Awards for 3 consecutive years, the first among CMO firms
April 3, 2019
Samsung Biologics signed a contract manufacturing deal worth at least $31 million with CytoDyn Inc. of the United States. Under the terms of the agreement, Samsung Biologics will produce bio-drugs for the American company.
This deal may be increased up to $246 million by 2027 if CytoDyn successfully completes its product development efforts and commences on commercialization.
CytoDyn, a Washington-based biotechnology company, is currently developing Leronlimab, an HIV treatment drug. Designated as a fast-track drug by the U.S. Food and Drug Administration, Leronlimab is now under Phase 2 clinical trials and is expected to be valued as much as $1 billion if successfully developed.
Dr. Nader Pourhassan, president and CEO of CytoDyn, said, "We are excited to work with Samsung Biologics, one of the world's best CMO firms. Given the company has consistently demonstrated an extremely high level of quality assurance capacity, we expect that we will be able to market our new drugs quickly."
Dr. Tae Han Kim, CEO of Samsung Biologics, commented, "We will do our best to help our client firm make a timely launch of its innovative drugs and thereby benefit patients. We will keep working hard to develop new business opportunities, with customer satisfaction as our No. 1 goal."
In March this year, Samsung Biologics won the 2019 CMO Leadership Awards, the award ceremony hosted by the Life Science Leader magazine and Industry Standard Research, for the third consecutive year sweeping all six categories including quality, capacity, stability, professionalism, compatibility, and service.
The company was also selected as one of the "Future 50" companies by Fortune in October last year in recognition of its prospects for long term growth and global competitiveness.