Samsung continues its investment in the healthcare business and this time they’ve entered into a joint venture with Biogen Idec via Samsung Biologics, a business setup in April 2011 to specialize in biopharmaceutical manufacturing.
As per the agreement, Samsung will pool in $255 million of the $300 million venture picking up 85 percent stake whereas Biogen Idec will get the rest. The venture will be based out of South Korea and will jointly develop, manufacture and market biosimilars.
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 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.