Samsung Biologics and Pfizer said they signed a $411.3 million long-term agreement for Samsung Biologics to manufacture Pfizer’s pharmaceutical products. The companies did not disclose the duration of the "long-term" contract.

The latest contract is Samsung Biologics' largest partnership agreement since the AstraZeneca contract which was valued at $359.7 million. The deal accounts for 17.83 percent of Samsung Biologics’ sales last year.

In March, Samsung Biologics signed a 241 billion won (approximately $181 million) contract manufacturing agreement for the production of a single Pfizer product.

However, under the new agreement, Samsung Biologics is to make a variety of products from Pfizer's biosimilar portfolio, including oncology, inflammation, and immunotherapy, at its recently completed Plant 4.

Plant 4 secures the company's standing as the world's largest manufacturing facility at a single site holding a 604,000-liter total production capacity. Samsung Biologics also recently announced plans at the 2023 BIO International Convention (BIO 2023) to start running Plant 5 in April 2025, five months earlier than expected.

"This partnership is a great example of Pfizer's confidence in the Korean pharmaceutical industry, and we are pleased to continue and expand our strategic partnership with Samsung Biologics to bring better treatment options to patients around the world," said Mike McDermott, Pfizer Chief Global Supply Officer.

Pfizer Korea President Oh Dong-wook also added that the collaboration will help Pfizer better respond to a growing number of potential health crises and contribute to significantly improving the lives of patients.