14 DAY TRIAL // Samsung is showing that it's not about to stick to whatever confines it is limited to right now, so it figured it may as well give some extra work to a lesser known branch.
Samsung Biologics will partner with Biogen for the setting up of a biopharmaceutical manufacturing business.
“At Samsung, one of our goals is to help patients around the world by increasing the accessibility and affordability of existing medicines,” said Tae-Han Kim, Ph.D., CEO of Samsung Biologics.
“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.”
Samsung will contribute $225 million, which is more or less the same as 167.98 million Euro, according to exchange rates.
This will give it a controlling stake of 85%, leaving Biogen with the rest.
The purpose of the joint venture will be to manufacture and market biosimilars, ultimately leading to cost-effective therapies for various conditions. The new company will be based out of South Korea.
“The future of healthcare will continue to be driven by innovation, but it will also be about ensuring patients have access to cost-effective therapies, and biosimilars will play an important role in that,” said George A. Scangos, Ph.D., CEO of Biogen Idec.
“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, hemophilia and autoimmune disorders. We are very impressed with Samsung’s track record of leadership and excellence in all their businesses and are excited to be working with them.”