Samsung Biologics said that it would provide contract development organization (CDO) services to GeneQuantum, a Chinese bioventure.
Under the accord, Samsung will give CDO support to developing GQ1003, GeneQuantum's treatment targeting non-small-cell lung carcinoma (NSCLC) and triple-negative breast cancer.
"The agreement signals the start of Samsung Biologics' accelerated entry into the Chinese market," Samsung Biologics said. The Chinese biopharmaceutical market, which is worth $38.5 billion in 2019, is expected to grow 14.4 percent annually.
"The new collaboration with a Chinese company follows Samsung Biologics' recent development partnership with Aprinoia Therapeutics of Taiwan, reflecting our strategic entry and presence in these markets," the company said. "Armed with capabilities to achieve best-in-class client satisfaction, we are also having discussions with many potential Chinese clients."
Samsung Biologics said the strategy that meets customer satisfaction through CDO technology innovation was effective in entering the Chinese bio market. "We have dramatically reduced the time for developing cell lines and producing drug materials to six months, and for manufacturing end products to seven months," the company said.
In August, Samsung Biologics released its proprietary cell line technology, S-CHOice, which showed improved titers up to two-fold from the industry average and maintains over 90 percent of cell viability.
"GeneQuantum is excited to collaborate with Samsung Biologics, a leading player with proven development capabilities in the market," GeneQuantum CEO Gang Qin said. "One of the decision-making aspects of this partnership was Samsung Biologics' dedication and commitment to providing high-quality services."
GeneQuantum aims to expand its development scope further to bring innovative treatments to patients based on a mutually beneficial partnership, Qin added.
Samsung Biologics CEO Kim Tae-han also said, "Our efforts of having high customer satisfaction with the high capability of our CDO service are helping us accelerate our advancement into the Chinese bio market."
Through collaboration with major promising Chinese bio ventures, the company expects to conduct more global market projects, Kim added.