Samsung will contribute US$255m and Biogen US$45m
Samsung and Biogen Idec are to invest US$300m in a joint venture in South Korea to develop, manufacture and market biosimilars.
Samsung will take an 85% stake in the joint venture, contributing $255m, with Biogen contributing $45m for a 15% stake.
The joint venture will combine Massachusetts, US-based Biogen Idec’s capabilities in protein design and production with Samsung Biologics’ technical development and manufacturing services.
Samsung previously announced a joint venture with Quintiles to support its entry into the biopharmaceuticals market.
US biopharmaceuticals firm Quintiles made a minority 10% investment of about US$30m in setting up a biopharmaceutical manufacturing plant in the Songdo district, near Seoul.
Samsung owns the remaining 90% of this joint venture. The company said at the time that it planned to commercialise biosimilars by 2016.
Samsung has since formed Samsung Biologics to specialise in biopharmaceutical manufacturing.
According to Samsung, the new joint venture ‘will not pursue biosimilars of Biogen Idec’s proprietary products’.
Tae-Han Kim, chief executive of Samsung Biologics, said: ‘By combining Biogen Idec’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.’
George Scangos, chief executive of Biogen Idec, added: ‘This relationship will allow us to leverage our world-class protein engineering and biologics manufacturing capabilities, while maintaining focus on our mission of discovering, developing and delivering innovative therapies for patients worldwide with neurodegenerative diseases, haemophilia and autoimmune disorders.’