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New property is valued at $323 million
Samsung Biologics, a contract development and manufacturing organization (CDMO), has signed a land purchase agreement with the Incheon Free Economic Zone (IFEZ), where its second Bio Campus will reside.
The land—valued at $323 million—is located within Songdo Industrial Cluster, and spans an area of approximately 3.8 million square feet, which is 30% larger than the company's current campus. “Bio Campus II” is intended to support the CDMO’s further expansion of large-scale manufacturing capacity, as well as host a multi-modal plant and an open innovation facility.
The property was awarded to Samsung Biologics in accordance with IFEZ's efforts to improve the region's global competitiveness in the biopharma sector, while also cultivating partnerships with small and mid-sized venture companies. With an expected project completion date of 2032, it is expected to create 4,000 new jobs.
"This milestone further solidifies our roadmap to build a world-class global bio-hub at the heart of Songdo," says John Rim, CEO and president of Samsung Biologics.