Biogen Idec (BIIB) and Samsung Biologics recently announced the setting up of their biosimilars joint venture (:JV). The joint venture, Samsung Bioepis Co., Ltd., will focus on the development, manufacture and marketing of biosimilars. Biosimilars are generic versions of biologics.
The companies had initially announced their intention to set up a joint venture in December 2011. The joint venture, based in Korea, will not be involved in the development of biosimilars of Biogen’s branded products. The joint venture brings together Biogen’s expertise in biologics and Samsung’s acumen and experience in new business development.
While we usually associate Samsung with electronic products, the company has been working on making a name for itself in the biopharmaceutical world as well. In May 2010, the company had declared the biopharmaceutical sector as one of five new strategic businesses that would lead the group’s future growth.
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In keeping with this goal, Samsung Electronics Co., Ltd. (SSNLF), and its affiliated companies entered into a strategic partnership with pharmaceutical services company, Quintiles, in early 2011 for the setting up of a joint venture. The joint venture, Samsung Biologics, was established in April 2011 with Quintiles holding a 10% stake. The remaining 90% is owned by Samsung (Samsung Electronics Co., Ltd., 40%; Samsung Everland, Inc., 40% and Samsung C&T Corporation, 10%). The establishment of Samsung Biologics marked Samsung’s entry into the biopharmaceutical world. Samsung is constructing a research and development center in Songdo, Incheon, South Korea, with work expected to complete by year end.
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