Samsung BioLogics and Sun Pharma of India have signed a contract for the production of drugs with the minimum purchase volume worth $55 million (63 billion won), the Korean company said Tuesday.

Sun Pharma is India’s largest and the world’s fourth-largest producer of synthetic medicines. It sells high-quality medicines to more than 150 countries through 42 production facilities on six continents.

The two companies agreed that Samsung BioLogics would produce Sun Pharma's biologic drug Tildrakizumab at its Samsung BioLogics headquarters in Songdo, Incheon, under a long-term contract. Sun Pharma CEO Anil KumarJain, Vice President Nilesh Gandhi, and Samsung BioLogics_{삼성바이오로직스} CEO Kim Tae-Han_김태한 attended the event.

Tildrakizumab is a biopharmaceutical drug that treats psoriasis, an inflammatory chronic skin disorder. Sun Pharma co-developed it with Merck in Germany and obtained all licenses for it in 2014.

"We are very pleased to have a stable supply of high-quality biopharmaceuticals through our partnership with Samsung BioLogics, which is recognized as one of the best in the world in biopharmaceutical production," said Kirti Ganorkar, the global head of business development in Sun Pharma.

Samsung BioLogics CEO Kim agreed. "This contract signifies Samsung BioLogics' advancement into the Asian market, which has grown beyond the U.S. and European markets, based on its excellent competitiveness recognized in the global market," Kim said. “We will continue to expand cooperation with many global companies to enter the biopharmaceutical market and broaden the market in the future.”