Samsung Biologics said that it has signed a letter of intent for a contract manufacturing organization (CMO) deal worth 381 billion won ($317.1 million) with a European client.

The company said it would disclose its European client's name after Dec. 31, 2023, due to confidentiality reasons.

Samsung Biologics plans to produce the client’s biopharmaceutical products at its third plant in Songdo, an international business zone in the western port city of Incheon.

The company’s total CMO contract amount has reached 1.7 trillion won in the first half of this year, up 150 percent from its total sales of 701.5 billion for all of 2019.

If the current trend continues until the end of this year, Samsung Biologics could record the highest growth rate in the company’s history, a company official said.

Samsung Biologics shares changed hands at 815,000 won as of 2:30 p.m., up 1.62 percent from the previous trading day.