Bristol-Myers partners with South Korean firm on biopharma production

US pharma major Bristol-Myers Squibb (NYSE: BMY) has entered into a 10-year agreement under which Samsung BioLogics will manufacture a commercial antibody cancer drug for B-MS at its recently completed plant in Songdo Incheon, South Korea.

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 chief executive of Samsung BioLogics, adding: “The relationship with Bristol-Myers Squibb represents the validation of our long-term commitment to the biopharmaceutical manufacturing industry.”