Samsung Biologics signed a deal with an unnamed U.S.-based pharma company worth up to $1.05 billion, according to a recent public disclosure.

It’s the largest contract manufacturing (CMO) agreement Samsung Biologics has made to date, accounting for some 40% of the company’s total sales in 2023, which amounted to $2.8 billion.

Samsung Biologics is a contract development and manufacturing organization (CDMO) that provides production, innovation and manufacturing support to pharma and biotech companies.

In the public disclosure, Samsung Biologics did not state the name of the U.S. pharma company “due to business confidentiality” but listed it as a “large-sized corporation.”

The companies signed a letter of intent on June 5 and Samsung Biologics noted that the contract period is set through December 2030, though it may vary according to the agreement between the two companies.

The deal comes after Samsung Biologics reported a positive uptick in sales in Q1 following the overall industry downturn in 2023. 

In its latest quarterly earnings report, the company said that consolidated sales rose 31% from $520 million to $690 million. Meanwhile, standalone sales increased 13% to $480 million.

The company has been busy on the M&A front as well, including recently expanding its partnership with Baxter Healthcare. As part of that updated deal, Baxter agreed to pay Samsung Biologics $223 million for its manufacturing services.

One year ago, Samsung Biologics also picked up a $391 million production request from Novartis to produce biologics for the pharma giant for six years.

That followed in the footsteps of a slew of other deals, including two with Pfizer totaling about $897 million. Those deals center on Samsung Biologics producing biosimilar products across various therapeutic areas, including oncology, inflammation and immunotherapy for Pfizer.

At the time, Samsung Biologics CEO John Rim noted that the company was pleased to extend the strategic collaboration with Pfizer, noting that the two sides share and support “the vision to bring innovative solutions for patients around the globe.”