Samsung Biologics has purchased land in Songdo, Incheon, to build a production facility for genetic medicines, the Incheon Free Economic Zone Authority said Thursday.
The pharmaceutical firm has signed a deal with the authority, which oversees a plan to develop a bio cluster in Songdo, to purchase 10,000 square meters of land in the city. The site was put up for sale in June.
There, Samsung Biologics is expected to construct a new facility to produce materials and drug platforms for genetic medicines, the authority added in a press release.
It would spend a total of 306.1 billion won ($259 million) on the 20,000-square-meter facility. The company will begin construction next year and aim to complete it by 2023, the authority said.
Samsung Biologics currently has three plants in Songdo and is currently building the fourth factory there. The Samsung Group company also plans to expand its business in the overseas markets as well.
“We’re continuing to look at when is the opportune time to make an investment in the United States and make an investment in Europe as well,” Samsung Biologics CEO John Rim was quoted as saying in a news article published Wednesday.