Biogen and Samsung invest $300m on joint biosimilars venture
pharmafile | December 8, 2011 | News story | Manufacturing and Production | Biogen, Samsung, biosimilars
Biogen Idec and Samsung will invest $300 million in a joint venture to develop biosimilars.
Both firms will contribute a total of $300 million to establish a joint venture to develop, manufacture and market biosimilars.
Samsung will take a leading role in the joint venture, with Biogen contributing its expertise in protein engineering and biologics manufacturing.
Under the terms of the agreement, Samsung will contribute $255 million of the $300 million for an 85% stake, and Biogen will contribute $45 million for the remaining 15 per cent.
The joint venture, which will be based in Korea, will see Biogen work with Samsung Biologics on the manufacturing and development side.
Samsung Biologics is a Samsung business formed in April 2011 to specialise in biopharmaceutical manufacturing, and works alongside Quintiles.
A joint statement between the two firms made it clear that the venture will not pursue biosimilars of Biogen’s products.
Tae-Han Kim, chief executive of Samsung Biologics, said: “At Samsung, one of our goals is to help patients around the world by increasing the accessibility and affordability of existing medicines.
“Since many of the world’s top-selling drugs are biologics, developing and making high-quality biosimilars is critical to that goal.
“By combining Biogen’s expertise in biologics with our business acumen and proven record of success in new business development, we are taking a significant step toward becoming a major player in the biopharmaceutical industry and investing in an important growth engine for our company,” Kim concluded.
Samsung is made up from a variety of different companies that focus on areas such as consumer electronics, finance and insurance.
In May last year the firm said it would also focus on the biopharmaceutical sector to help the company’s future growth, and will invest 2.1 trillion won ($2 billion) in biopharmaceuticals by 2020.
Ben Adams
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