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Samsung Biologics to invest $1.5bn for new pharmaceutical plant

South Korean company predicts long-term growth in contract drugmaking business

Samsung Biologics is betting on prolonged growth in the contract drugmaking business. (Photo courtesy of Samsung Biologics)

SEOUL -- Samsung Biologics announced Tuesday that it will invest 1.74 trillion won ($1.5 billion) to build a fourth pharmaceutical plant in Incheon as the company expects demand for contract drug manufacturing to surge in coming years.

The South Korean biomedicine manufacturer aims to increase its production capacity by 70% by the end of 2022 and says it will hire around 1,800 people for the expansion.

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