Asia Tech Wire (Oct 22) -- Samsung Biologics, the pharmaceutical arm of Samsung Group, announced Tuesday that it has signed a $1.24 billion manufacturing contract with an Asian pharmaceutical company.

The signing of the agreement sets a record for the largest amount of contract it has ever signed with a single customer, Samsung Biologics said.

Production will take place at Samsung Biologics' biopharmaceutical facility in Songdo, South Korea, and the contract runs until December 2037.

With this latest agreement, Samsung Biologics' cumulative contract value exceeds $3.3 billion in 2024.