On July 29, 2023 Bristol-Myers Squibb Company (NYSE:BMY) and Samsung BioLogics reported the companies have entered into a 10-year agreement under which Samsung BioLogics will manufacture a commercial antibody cancer drug for Bristol-Myers Squibb at its recently completed plant in Songdo Incheon, South Korea (Press release, Bristol-Myers Squibb, JUL 29, 2013, View Source [SID1234635229]).

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Financial terms were not disclosed. Technology transfer and trial production will commence in July 2013 and commercial production will immediately begin following regulatory approvals.

"We are pleased to announce this strategic manufacturing relationship with Bristol-Myers Squibb and look forward to delivering best-in-class manufacturing services with the highest global quality standards," said Tae-Han Kim, president and CEO of Samsung BioLogics. "The relationship with Bristol-Myers Squibb represents the validation of our long-term commitment to the biopharmaceutical manufacturing industry."

"Our agreement with Samsung is an important part of our company’s overall manufacturing and supply strategy focused on creating long-term relationships with high quality manufacturing partners around the world," said Louis Schmukler, president, Global Manufacturing & Supply, Bristol-Myers Squibb. "This agreement increases our biologic manufacturing capacity to help ensure sufficient long-term supply of our commercial products."